HOUSTON—Canyon Midstream Partners II LLC (CMP2) on Jan. 8 announced an increase to the revolving credit facility at its subsidiary Redcliff Midstream LLC from $70 million to $100 million. The bank group participating in the Redcliff credit facility includes Wells Fargo Bank, National Association as administrative agent; Amegy Bank, a division of Zions Bancorporation NA; and Capital One, National Association.
CMP2 also announced an expansion project at the company’s recently constructed cryogenic gas processing facility, the Redcliff Plant, in Woodward County, Okla. When the project is completed in second-quarter 2019, the Redcliff Plant’s processing capacity will be 240 million cubic feet per day (MMcf/d), representing a 20% increase over current plant capacity.
The Redcliff Plant processes gas volumes transported on an extensive pipeline system which includes over 180 miles of gathering pipelines and five field compressor stations in Oklahoma’s Woodward, Dewey, Blaine and Canadian counties.
“We appreciate the support and confidence demonstrated by our lender group with the expansion of the Redcliff revolving credit facility,” said Michael Walsh, president and CEO of CMP2. “We will continue to develop Redcliff's assets and infrastructure to provide efficient and reliable midstream services in support of growing gas volumes as producers in the Stack play shift to multi-well pad development.”
Recommended Reading
Qnergy Tackles Methane Venting Emissions
2024-03-13 - Pneumatic controllers, powered by natural gas, account for a large part of the oil and gas industry’s methane emissions. Compressed air can change that, experts say.
SEC Adopts Climate Disclosure Rules in 3-2 Vote
2024-03-06 - The regulation requires companies to disclose Scope 1 and 2 emissions, weather-related risks and other climate-related data that could have a material business impact.
MethaneSAT: EDF’s Eye in the Sky Targets E&P Emissions
2024-03-07 - The Environmental Defense Fund and Harvard University recently launched MethaneSAT, a satellite tracking methane emissions. The project’s primary target: oil and gas operators.
Exclusive: Scepter CEO: Methane Emissions Detection Saves on Cost
2024-04-08 - Methane emissions detection saves on cost and "can pay for itself," Scepter CEO Phillip Father says in this Hart Energy exclusive interview.