Tall Oak Midstream II LLC (Tall Oak II) was formed with $300 million in equity from EnCap Flatrock Midstream and founders of Tall Oak Midstream LLC (Tall Oak), Tall Oak said April 23.
Total financing for both Tall Oak II and Tall Oak, both based in Oklahoma City, stands at $850 million, the company added.
Tall Oak II will support midstream opportunities in other North American resource plays while Tall Oak will continue operating and expanding its Midcontinent U.S. midstream assets. Currently, Tall Oak’s total cryogenic processing capacity in the Midcontinent handles 75 million cubic feet per day of natural gas.
Tall Oak now operates two natural gas gathering and processing systems—the Tall Oak CNOW System and the Tall Oak Stack System support stacked pay zones in the Oklahoma Woodford and Mississippi Lime areas.
Tall Oak was formed in 2014 and was also backed by EnCap Flatrock, the company said. Both companies are led by Ryan Lewellyn, president and CEO; Carlos P. Evans, chief commercial officer; Max J. Myers, CFO; and Lindel R. Larison, COO.
Also, Tall Oak said that its subsidiary TOMPC LLC closed a $100 million credit facility, which is expandable to $150 million.
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