CARLSBAD, NM, March 28, 2013 /24-7PressRelease/
-- Eddy County, New Mexico will soon be home to Rangeland Energy. The company, out of Sugar Land, Texas, has executed contracts to purchase up to 770 acres near Loving, New Mexico, and will begin development of a large terminal facility capable of handling crude oil, frac sand, pipe and other products. Rangeland expects the terminal to be in service before the end of the year. Rangeland will also build a pipeline system in southern Eddy County to maximize terminal connectivity to existing and planned pipelines for both the receipt and delivery of crude oil.
Rangeland developed a similar system in North Dakota known as COLT, and the company expects to invest more than $150 million in the New Mexico terminal and supporting infrastructure.
"Carlsbad's industry base continues to grow," said John Waters, executive director for the Carlsbad Department of Development (CDOD). "We are very pleased to see a company like Rangeland Energy coming into our market, and are looking forward to big things."
Founded in 2009, Rangeland is a midstream energy company led by an experienced management team and backed by private equity commitments from EnCap Flatrock Midstream of San Antonio. Rangeland's New Mexico terminal will be a full-service facility for crude oil producers and buyers in the Delaware Basin. Rangeland will receive and stage frac sand and pipe for the production of crude oil, while receiving, storing, and distributing crude oil to multiple downstream markets via pipeline and rail.
Carlsbad's diverse economy continues to strengthen, with oil production leading the state and a growing manufacturing base. Businesses in the oil and gas, potash, manufacturing, medical and nuclear industries continue to establish in the market, making Carlsbad and Eddy County a bright spot in southeast New Mexico.
"We are excited to begin development of the company's next terminal and play a role in the rapid production growth taking place in southeast New Mexico and West Texas. Our objective is to draw on our successful track record in North Dakota to provide a one-stop facility that can service drilling activity and market crude oil produced in New Mexico and West Texas," said Chris Keene, Rangeland's president and CEO.
The Carlsbad Department of Development is a member supported non-profit organization. Members represent over 100 chief executive officers in industry, business and finance, the City of Carlsbad, Eddy County Board of Commissioners, New Mexico State University-Carlsbad, and other organizations. The Carlsbad Department of Development is your first contact for business assistance in Carlsbad and Eddy County.
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Carlsbad Department of Development / News Division
The Carlsbad Department of Development is the economic development agency for the City of Carlsbad and Eddy County, New Mexico. The Carlsbad Department of Development promotes the economic and general welfare of the citizens of the City of Carlsbad and South Eddy County, New Mexico.