Shale Support Receives $85M From Deutsche Bank
A Mississippi-based company is looking to expand its services in the Eagle Ford and Permian shale areas. Shale Support LLC, a leading provider of frac-sands and logistical solutions to the oil and gas proppant market, announced July 29 that it has closed a senior debt facility in the amount of $85 million with Deutsche Bank.
Th funds will allow Shale Support to continue its strategic growth pattern in the onshore oil and gas industry and position the company for further growth as drilling activity resumes.
Proceeds from this facility will be used to refinance existing debt and complete capital expenditure projects in the company’s mining and processing facilities and logistics locations in the Eagle Ford and Permian shale areas. Shale Support owns Southton Rail Yard, one of the largest unit train capable transloading facilities in the Eagle Ford shale, helping extend its reach within one of the largest shale plays in the United States.
“The closing represents a significant step in the right direction for Shale Support,” said Kevin Bowen, cofounder and CEO. “There is a continual need for operators to control costs at every level and by closing the loop between mining and logistical needs, we’re helping operators control their expenses. We’ll continue our efforts to drive costs down no matter the market outlook.”
Shale Support’s services and products enhance the recovery rates of hydrocarbon products from natural gas and crude oil wells. The company has more than 100 million tons of frac-sand reserves within its mining properties and unit train logistics origination capabilities from its processing facility located in Picayune, Mississippi.
Deutsche Bank, Eagle Ford Shale, Permian Basin, Shale Support LLC