Rangeland Energy is being acquired by Inergy Midstream for $425 million. Rangeland owns and operates the largest crude oil hub in North Dakota - the COLT Rail Facility & Hub. The COLT facility is located in Williams County, ND, and includes a rail loading termina, as well as related pipeline and storage assets. All employees in the state will be offered jobs with Inergy.
"This is an exciting day for both companies. It`s also a great day for the crude oil industry in the Bakken, which will be well served by Inergy`s dynamic new presence in the play," said Rangeland CEO Chris Keene. "Inergy`s CEO, John Sherman, and the rest of his very seasoned leadership team have the experience and desire to serve our current customers with distinction and aggressively grow the business we`ve developed at COLT. We started with a piece of paper and a vision and now, just three years later, COLT is well positioned to be the premier crude oil terminal in the Bakken. I`m very proud of what the Rangeland team has accomplished in North Dakota in a very short period of time. The scope, quality and efficiency of the storage, rail and pipeline facilities we`ve put in place are unparalleled in the market."
COLT`s rail car loading facility is serviced by BNSF Railway. Storage and working capacity include:
- 720,000 barrels of working storage
- 120,000 barrels of tank storage
- Access to 120,000 barrels of tank storage at the Dry Fork Terminal
- Rail export capacity of 120,000 b/d
- Pipeline capacity to move 75,000 b/d
Rangeland is based in Sugarland, TX, and its management will retain the company name to pursue other midstream developments. Rangeland is back by EnCap Flatrock Midstream - a private equity fund focused on midstream developments.