Daily News: October 6, 2017

Texas Capital Bank Provides $250MM Credit Line to On Point


On Point Oilfield Holdings successfully closed on a $250 million senior credit facility with Texas Capital Bank.

On Point is an oilfield fluids waste solutions company that acquires, develops and operates saltwater disposal wells and saltwater pipeline infrastructure in the Permian Basin.

On Point was formed in October 2016 with an equity commitment from White Deer Energy and an initial Permian platform acquisition of seven saltwater disposal assets and eight saltwater disposal permits. To date, On Point has drilled three deep disposal permits into the Ellenberger formation in Howard County, acquired an SWD from a third party, and added an additional 75,000 Bbls/d of permitted capacity to its asset base.

The company is led by co-founders Trace Hight, CEO, and McCabe Turner, chief operating officer. Hight and Turner have collectively been involved in more than 57 saltwater disposal wells from either an operational, ownership or advisory standpoint.

“McCabe, Mike and I are very excited to partner with Texas Capital. Their lending experience in this industry, combined with the capital and expertise from White Deer, gives us the resources we need to keep up with customer demand as On Point grows into an industry-leading midstream company,” Hight said.