News Post
Canyon Midstream to expand gas processing plant in Oklahoma’s STACK
Canyon Midstream Partners II, LLC announced an increase to the revolving credit facility at its subsidiary Redcliff Midstream, LLC (“Redcliff”) from $70 million to $100 million. The bank group participating in the Redcliff credit facility includes Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent; Amegy Bank, a division of Zions Bancorporation, N.A. (“Amegy”); and Capital One, National Association (“Capital One”).
CMP2 also announced an expansion project at the company’s recently constructed cryogenic gas processing facility in Woodward County, Oklahoma (the “Redcliff Plant”). When the project is completed in the second quarter of 2019, the Redcliff Plant’s processing capacity will be 240 million cubic feet per day (MMcf/d), representing a 20 percent 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 (the “Redcliff Gathering System”).
“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.”
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