WaterBridge Resources Acquires EnWater Solutions
WaterBridge Resources, LLC has acquired EnWater Solutions, LLC, a leading produced water gathering and disposal company in the southern Delaware Basin.
Located in Reeves County and Pecos County, Texas, EnWater Solutions’ current assets include five saltwater disposal wells with over 100 miles of interconnected gathering pipeline and nearly 150,000 barrels per day of permitted disposal capacity. By year-end 2018, WaterBridge expects to reach more than 300,000 barrels per day of total disposal capacity and 200 total miles of interconnected pipeline for gathering.
“The acquisition of EnWater Solutions provides an ideal platform to further implement and execute our vision of becoming a full-service integrated water midstream company,” Steve Johnson, Founder & Chief Executive Officer of WaterBridge, said. “The EnWater team has developed a first-class business, strategically positioned in the core of one of the most economic oil- and gas-producing regions in the United States. Looking ahead, we see abundant opportunities to continue to serve and partner with strong local producers, as we endeavor to establish WaterBridge as the premier water midstream provider in the Delaware Basin.”
In addition to expanding the produced water gathering and disposal systems acquired through this transaction, WaterBridge is focused on providing production companies with a full suite of water midstream services. In particular, WaterBridge anticipates adding high-deliverability water supply, including recycled produced water, in response to market demand and in accordance with its customers’ specifications.
In connection with the closing of the acquisition, certain members of EnWater Solutions’ executive team, including Jason Long, Michael Reitz, and Cody Allen, will join WaterBridge to support the future growth of this newly combined midstream platform.
“We are excited to join the WaterBridge team,” Jason Long, President of EnWater Solutions, said. “This partnership, along with the strategic and financial support from WaterBridge and its equity partner, Five Point Capital Partners, will enable us to build large-scale infrastructure systems that efficiently handle the rapidly growing water management needs of both current and future customers.”
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