Two months after selling the crude oil distribution hub it built in North Dakota’s Bakken Shale, a Sugar Land company said Thursday it has secured a $200 million financing commitment to start work on midstream developments in West Texas and other North American shale plays.
Rangeland Energy CEO Christopher Keene said the company will turn its focus to similar projects in emerging shale plays throughout the country.
“We’ll stick to liquids and continue to develop this hub concept,” he said.
Rangeland announced a financing commitment from EnCap Flatrock Midstream, a San Antonio-based private equity firm. EnCap Flatrock also funded the company’s previous venture.
Keene said Rangeland would focus on shale plays in West Texas and New Mexico, the Gulf Coast, Canada and California.
Rangeland also announced that Pat McGannon has joined the company as vice president for business development. Keene said the company may add additional people as it takes on multiple projects.
Rangeland Energy formed in 2009 to develop midstream infrastructure in the Bakken. By the time it sold its assets to Inergy Midstream for $425 million in December, it had built a crude oil loading terminal that included six 120,000-barrel storage tanks and two 8,700-foot rail loops, capable of moving more than 120,000 barrels of crude oil per day. The hub can transport an additional 70,000 barrels per day by pipeline.