Tall Oak Midstream LLC announced Oct. 16 that its subsidiary, TOMPC LLC, secured a $100 million senior credit facility that can be expanded to $150 million.

Together with $400 million in prior private equity commitments from EnCap Flatrock Midstream and Tall Oak's founders, the credit facility brings Tall Oak's total financing to more than $500 million. The funds support the build-out and expansion of Tall Oak's natural gas gathering and processing system in the Central Northern Oklahoma Woodford (CNOW) play.

"Our gas gathering and processing system has had an outstanding response from producers in the CNOW play, where production continues to accelerate. This additional financing gives us a diversified source of capital that allows us to execute on the initial build-out and rapidly expand the system's capabilities," said Ryan Lewellyn, Tall Oak president and CEO, in a statement.

Tall Oak also announced it had entered into an agreement with Dorado E&P Partners LLC whereby Dorado will dedicate gas production from its 15,000-gross-acre position in Oklahoma's Noble County to Tall Oak's CNOW System. Production from any acreage Dorado adds to its position in the area will also be dedicated to the system.

Formed in early 2014, Tall Oak is an independent company based in Oklahoma City that focuses on providing midstream services to oil and gas producers in the Midcontinent.

Capital One Securities Inc. and Compass Bank were joint lead arrangers of the facility and Amegy Bank, BancFirst and Bank of Oklahoma were additional participants. Paul Hastings LLP provided legal counsel to Tall Oak. Sidley Austin LLP served as counsel to the underwriters. The transaction closed Oct. 15.