The management team of Oilfield Water Logistics LLC (OWL) has partnered with NGP Natural Resources X LP and NGP Energy Technology Partners II LP as equity sponsors. OWL is a new company formed to acquire, develop, and manage water-related and other oilfield fluids infrastructure and services in the energy industry.
"We are excited to partner with NGP and form OWL to consolidate best-in-class oilfield water operations and provide dependable solutions for energy companies on a national scale,” said Chris Cooper, CEO. Joining Cooper on the management team is Nevin Bannister, Roger Johnson, and Matt Thiel.
In May, OWL acquired an initial portfolio of saltwater disposal wells and entered into exclusive surface use agreements in New Mexico to serve oil and gas producers in the Permian Basin, where OWL is actively seeking additional investment and acquisition opportunities. These properties and relationships create a network of water infrastructure across southeast New Mexico for companies active in plays such as the Bone Spring and others.
NGP Natural Resources X LP is the most recent active fund of Natural Gas Partners (NGP). Founded in 1988, NGP is a $10.5 billion family of private equity investment funds organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management.