Gulfport to Sell SCOOP Water Infrastructure to Bison With 15-Year Agreement

Updated 1 year 9 months ago

Gulfport announced, on December 19th, definitive agreements to sell water infrastructure assets across the SCOOP play in Oklahoma to Bison Oilfield Services in exchange for USD 50 million in cash at closing and additional incentive payments from Bison. Bison will take possession of a multi-line water gathering and delivery system, 2.3 million barrels of storage capacity, 40,000 barrels per day of recycling capacity, 55,000 barrels per day of freshwater supply, and a pending saltwater disposal permit. Bison will exclusively manage Gulfport's water needs under a 15-year agreement, and Gulfport has the potential to earn in excess of USD 50 million in incentives over that time frame based on future development and water production levels. Scotiabank served as an advisor to Gulfport.