Rangeland Energy LLC has secured a $200 million equity financing commitment from private equity firm EnCap Flatrock Midstream of San Antonio.
Sugar Land, TX-based Rangeland is a midstream company that meets the requirements of crude oil refiners, marketers and producers in emerging resource plays. Rangeland develops the infrastructure necessary to gather, store and transport crude oil, natural gas, natural gas liquids, and other petroleum products by rail and pipeline to refneries and market hubs across North America.
This is the second time EnCap Flatrock has backed the Rangeland management team. In November 2009, EnCap Flatrock made a $115 million commitment to Rangeland from its first fund to support the company’s greenfield development of the COLT system, North Dakota’s largest open access crude oil marketing hub. COLT serves the Bakken and Three Forks shale plays and was acquired by Inergy Midstream LP in December 2012 for $425 million.
The recent $200 million commitment was made from EnCap Flatrock Midstream’s Fund II which closed in July 2012 at $1.75 billion. Jones Day served as legal counsel to Rangeland Energy and Thompson & Knight represented EnCap Flatrock Midstream.
Rangeland also announced that industry veteran Pat McGannon has joined the company as vice president for business development. McGannon has more than 30 years of experience in the oil gas industry in a broad range of positions with a focus on developing businesses around the trading and transportation of crude oil, condensate and natural gas liquids.
McGannon worked with BP/Amoco for 32 years, most recently as the commercial manager for Denali, The Alaska Gas Pipeline in Anchorage.
McGannon earned an undergraduate degree in mechanical engineering from University of Dayton in Ohio and holds a Master of Management degree from Northwestern University’s Kellogg School of Management in Chicago.