Oilfield Water Logistics obtains $250 million credit facility

By Toni Weeks

San Luis Obispo, Calif., Jan. 27 – Oilfield Water Logistics, LLC, or OWL, obtained a $250 million untapped credit facility with Texas Capital Bank, according to a press release.

The Dallas-based company intends to build permanent oilfield water-gathering systems throughout the United States with networks of pipelines and saltwater disposal wells, according to a press release. It currently has 27 oilfield water facilities in operation or development as well as a network of water pipelines and surface use agreements.

The new credit facility, along with available equity from OWL’s investors, will allow the company to expand by acquiring, developing and managing water infrastructure. The financing also enables exploration and production companies to obtain additional liquidity and reduced water-handling costs, the release said.

“This challenging oilfield environment is creating opportunities for OWL to accelerate our growth plans and, at the same time, provide fresh capital and other solutions to producers who want to streamline their businesses,” OWL chief executive officer Chris Cooper said in the release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.