Aqua Terra Water Management LP announced Oct. 23 the acquisition of saltwater disposal facilities and a permit for a facility in the Permian Basin for an undisclosed price.
In the deal, Aqua Terra, which was formed by New York-based Bregal Partners in November 2013, purchased two saltwater disposal facilities operated by Texas SWD Co Inc. and a permit for a salt water disposal facility from Coronado Minerals LLC.
The acquired facilities are located in the Midland Basin of West Texas in Reagan and Upton counties. Both facilities serve producers operating in the prolific Spraberry and Wolfcamp formations.
“The acquired facilities meet our high standards for best in class safety and service and will function as anchors for our newly established Permian region,” said Scott Perekslis, managing partner and co-founder of Bregal Partners, in a statement. “Over the next several months we will continue to devote corporate resources to augment our presence in West Texas.”
The water management needs in the Permian have grown dramatically over the past several years as producers are increasingly driving production growth via new unconventional formations, said Mark Harris, CEO of Aqua Terra, in a statement.
“The presence of multiple stacked producing formations across the Permian Basin ensures that west Texas will continue to be the leading onshore oil producing region in the U.S. for quite some time," Harris said.
Dechert LLP was legal adviser to Aqua Terra and Deerpath Capital Management LP provided financing for the acquisition.
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