OKLAHOMA CITY, July 31, 2019 /PRNewswire/ -- Lagoon Water Solutions; Oklahoma's premier water midstream provider, closed on an $85 million purchase of Continental's eastern STACK water recycling facility, gathering system and three related disposal wells in Blaine County, Oklahoma. Along with the transaction, Lagoon has entered into a long-term arrangement with Continental to gather and dispose of produced water and source recycled water for Continental.
Lagoon, under the terms of the agreement, will be the first midstream company to provide recycled water for completion operations in Oklahoma. Additionally, this deal, negotiated by the new management team at Lagoon, will bring the company's total miles of pipe to 200, more than any other water midstream operator in the state.
"We believe strongly in our commitment to being the premier solution for oil and gas operators' water midstream needs and are excited about our management team securing such a significant deal with a respected, top-tier operator like Continental," said Kevin Lafferty, President and CEO, Lagoon Water Solutions. "This acquisition expands our network of reliable gathering and disposal assets in the core of the STACK play and further guarantees reliable takeaway water solutions for STACK operators."
Lagoon Water Solutions is committed to supporting its customers' water midstream needs with a focus on long-term water infrastructure solutions that reduce customers' operating costs and provide flow assurance, making Lagoon a trusted provider and reliable partner to oil and gas operators. Closing on a long-term deal with Continental allows Lagoon to expand into water recycling and water supply operations for its customers, while also providing sustainable water sourcing solutions.
"Environmental excellence is a core value at Lagoon and a critical aspect of our management philosophy," said Caitlyn Jackson, Senior Vice President of Commercial and Business Development, Lagoon Water Solutions. "We are driven to be innovative and our team has created a culture geared to not only providing industry-leading customer support but also furthering industry's efforts to recycle produced water to preserve basin water resources."