The energy downturn hasn’t stopped BlueJack Energy Solutions LLC in Dallas from securing up to $100 million in equity commitment from Energy Spectrum Capital through Energy Spectrum Partners VII LP.
While rig counts have dropped in the past two years, there is still a need to dispose of wastewater from the wells being drilled in the nation’s most active oil play—the Permian Basin.
BlueJack’s less than a year old. it was formed in the third quarter of 2015 to provide oil and gas producers with a full suite of waste stream management solutions including saltwater transmission and disposal, solids processing and disposal and wastewater recycling. Its initial operations are based in the Permian Basin and the Marcellus and Utica shale plays.
BlueJack has signed multiple contracts with Laredo Petroleum Inc. for water disposal services in the Permian. Under the contracts, Laredo will send to Bluejack a portion of its produced and flowback water production from wells drilled in an area encompassing 110,000 acres in Glasscock and Reagan counties in West Texas. BluieJack constructed two saltwater disposal facilities to inject into the Ellenburger formation near Big Lake, Texas.
“Despite the dramatic shift in the commodities price environment, the opportunity for large-scale development of waste stream management and supply-side infrastructure continues to grow and expand,” said BlueJack CEO and founder Ted Lopez.