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Rimrock lands $200M credit facility to help build its DJ Basin midstream system

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Rimrock lands $200M credit facility to help build its DJ Basin midstream system

Private equity-backed midstream company Rimrock Energy Partners LLC entered into a $200 million senior secured credit facility led by BOK Financial Corp. to help develop its 80-mile natural gas gathering and processing system in the DJ Basin in Colorado.

The Energy Spectrum Capital LP-sponsored Rimrock is constructing its Pierce gas gathering and processing system in Weld County, Colo., with plans to extend it by 16 miles east after receiving a long-term acreage dedication from oil and gas producer Confluence Resources LP in February. The Pierce system is designed to provide up to 200 MMcf/d of cryogenic gas processing capacity, low-pressure gathering, and access to premium residue gas and NGL markets.

"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," Rimrock CFO Jeff Derner said in a March 11 news release. The project is scheduled to start up in May.

Baker Botts LLP was legal counsel to Rimrock, while Thompson & Knight LLP was legal counsel to Tulsa, Okla.-based BOK Financial.