WATERBRIDGE RESOURCES ENTERS EXCLUSIVE PARTNERSHIP WITH CITY OF FORT STOCKTON
WaterBridge Receives Exclusive Rights to Develop and Purchase City’s Water Resources to Provide Supply and Infrastructure for Commercial Oil and Gas Use
Mutually Beneficial Public-Private Partnership Will Generate Revenue for Fort Stockton and Enhance Water Management Capabilities Through Use of New Infrastructure
HOUSTON, TX-July 19, 2017 -WaterBridge Resources, LLC (“WaterBridge” or the “Company”), a midstream company focused on providing comprehensive water management solutions for oil and gas producers through the acquisition, development and operation of fully integrated infrastructure systems, announced today that it has entered into a long-term public-private partnership with the City of Fort Stockton, Texas to develop and purchase the City’s water resources for commercial oil and gas use.
Under terms of the agreement, WaterBridge will receive exclusive long-term rights to develop and purchase approximately 390,000 barrels per day of the City’s water supply resources for commercial oil and gas use in the Southern Delaware Basin. WaterBridge will develop permanent infrastructure for these operations, including water supply wells and a pipeline distribution network that will restore, connect and utilize certain water supply properties owned by Fort Stockton.
Fort Stockton will have the right to use the infrastructure built by WaterBridge for its own municipal operations, and the City will also benefit significantly from new commercial revenue streams for water sales as a result of WaterBridge’s industry relationships.
Steve Johnson, Co-Founder and Chief Executive Officer of WaterBridge, said, “We are very excited about this partnership, which expands our business by gaining access to a secure, long-term supply in an opportunity-rich area for our business, while doing so in an environmentally sustainable manner.”
Mr. Johnson added, “In addition to the benefits for WaterBridge, we are pleased that this partnership will also provide new infrastructure and revenue sources for Fort Stockton, which will benefit the municipality for years to come. We thank the leadership of the City of Fort Stockton whose collaboration enabled both parties to reach this important agreement.”
Chris Alexander, Mayor of Fort Stockton, said “The City of Fort Stockton is very excited that WaterBridge selected the City as its municipal water provider. The revenue and infrastructure provided for under this agreement will directly offset expenses our rate payers would otherwise incur. A key factor in selecting WaterBridge as the City’s partner is the considerable experience that WaterBridge’s President and COO, John Durand, has in structuring and negotiating successful public/private partnerships in the water space within the state of Texas.”
About WaterBridge Resources, LLC
WaterBridge Resources is a midstream development company focused on developing, acquiring and operating large-scale water infrastructure for oil and gas producers, including water sourcing, gathering and distribution pipelines, treating, recycling, separation, and disposal infrastructure solutions. WaterBridge is led by Stephen Johnson, John Durand and Andy Stephens, and is supported by equity commitments from Five Point Capital Partners. For more information, please visit www.H2OBridge.com.
About Five Point Capital Partners LLC
Five Point Capital Partners is a private equity firm focused on midstream energy infrastructure and energy sector investments across North America_ Five Points investment strategy is to partner with, develop and support strong management teams through buyouts and growth capital investments within the midstream energy sector. Based in Houston, Texas, Five Point is currently investing from Five Point Capital Midstream Fund II L.P. and manages more than $1.2 billion of capital commitments. For further information, please visit www.fivepointcp.com.
Daniel Yunger or Ethan Lyle
Daniel.Yunger@kekst.com / Ethan.Lyle@kekst.com