Capital One Securities, Compass Bank Arrange Tall Oak Facility
Tall Oak Midstream announced that its subsidiary, TOMPC, LLC, has secured a $100 million senior credit facility that can be expanded to $150 million. Formed in early 2014, Tall Oak is an independent midstream company focused on providing midstream services to oil and gas producers in the Mid-Continent. Together with $400 million in prior private equity commitments from EnCap Flatrock Midstream and Tall Oak’s founders, the credit facility brings Tall Oak’s total financing to more than half a billion dollars. These funds support the build-out and expansion of Tall Oak’s natural gas gathering and processing system in the Central Northern Oklahoma Woodford (CNOW) play.
Five banks participated in the credit facility with Capital One Securities and Compass Bank acting as joint lead arrangers and Amegy Bank, BancFirst and Bank of Oklahoma serving as additional participants.
“Our gas gathering and processing system has had an outstanding response from producers in the CNOW play, where production continues to accelerate. This additional financing gives us a diversified source of capital that allows us to execute on the initial build-out and rapidly expand the system’s capabilities,” said Tall Oak President and CEO Ryan Lewellyn.
“We have a very strong bank group, and we are particularly pleased to have two local Oklahoma banks participating in our credit facility,” said Tall Oak Midstream CFO Max Myers.
Oklahoma City-based Tall Oak Midstream is dedicated to bringing a fresh perspective to serving oil and gas producers with a full suite of midstream services.