Rimrock secures $200M for Weld County natural gas facility

DALLAS — Rimrock Energy Partners LLC, a Dallas-based midstream oil and natural gas operator, has landed a $200 million credit facility from Tusla-based BOK Financial Corp. (Nasdaq: BOK) to be used to build a new natural gas gathering and processing system near the Weld County town of Pierce.

“We are pleased to partner with a lender that can support our system’s expansion as we continue to add producers,” said Rimrock chief financial officer Jeff Derner said in a prepared statement. “This facility, combined with our equity capital available from Energy Spectrum Capital, provides ample liquidity to keep pace with the growing gas volumes across the region.”

The natural gas facility, known as the Pierce System, will serve producers in the northern Denver-Julesburg basin.

“BOK Financial is excited to serve as lead arranger of the Rimrock credit facility,” BOK vice president Scott Miller said in a statement. “Rimrock has an experienced management team that is a proven leader in developing multi-commodity midstream assets in the DJ Basin.”

BOK’s investment comes at an uncertain time for Colorado’s oil and gas industry. State legislators are in the process of considering a bill that could overhaul the way the industry is regulated. Opponents of the bill, including oil and gas groups, have said the bill could destroy the state’s oil and gas industry.

 

DALLAS — Rimrock Energy Partners LLC, a Dallas-based midstream oil and natural gas operator, has landed a $200 million credit facility from Tusla-based BOK Financial Corp. (Nasdaq: BOK) to be used to build a new natural gas gathering and processing system near the Weld County town of Pierce.

“We are pleased to partner with a lender that can support our system’s expansion as we continue to add producers,” said Rimrock chief financial officer Jeff Derner said in a prepared statement. “This facility, combined with our equity capital available from Energy Spectrum Capital, provides ample liquidity to keep pace with the growing gas volumes across the region.”

The natural gas facility, known as the Pierce System, will serve producers in the northern Denver-Julesburg basin.

“BOK Financial is excited to serve as lead arranger of the Rimrock credit facility,” BOK vice president Scott Miller said in a statement. “Rimrock has an experienced management team that is a proven leader in developing multi-commodity midstream assets in the DJ Basin.”

BOK’s investment comes at an uncertain time for Colorado’s oil and gas industry. State legislators are in the process of considering a bill that could overhaul the way the industry is regulated. Opponents of the bill, including oil and gas groups, have said the bill could destroy the state’s oil and gas industry.