Martin Water Midstream, LLC Acquires Corsican Midstream Permian Basin, LLC, which Owns Surface Use Agreements (“SUA”) in Martin County with Seven Landowners, One of Whom is the Strain Family (the “Strain Ranch”)

MIDLAND, Texas & HOUSTON & DALLAS--(BUSINESS WIRE)--On March 29, 2022, Martin Water Midstream, LLC and its affiliates (“MWM” or the “Company”), a private water midstream operator with offices in Midland, Houston and Dallas, Texas, has acquired all of the membership interests of Corsican Midstream Permian Basin, LLC, (“Corsican”) adding approximately 16,000 acres in SUAs to MWM’s existing portfolio of SUAs.

“The acquisition of Corsican, which granted us immediate access to operate water midstream assets and operations across the Strain Ranch fundamentally expands the suite of infrastructure and recycling solutions we can offer our contract customers to address and answer upstream oil and gas companies’ produced water constraints. We very much look forward to partner with the Strain Ranch and have already contacted the Strain family to inform them that we will immediately begin investing in fixed pipe infrastructure across their property,” said Matthew Morgan, Co-Chief Executive Officer of MWM.

MWM has focused operations in Martin County and provides tailored services and innovative solutions to upstream oil and gas companies (“E&P Operators”) through a robust water grid, including: (i) fixed pipe infrastructure, gathering and transporting produced water (“PW”) from the wellsite to multiple recycling facilities; (ii) treating the PW with an industry-leading partner with a proven recycling technology; and (iii) reselling the treated PW to E&P Operators for reuse with subsequent oil and gas drilling needs. While remaining focused on providing reliable flow assurance and efficiencies to its customers, MWM is committed to maximizing the hydrological cycle of every barrel of water, while upholding the highest environmental, social and governance (“ESG”) standards.

The MWM management team is led by Co-CEOs Matthew Morgan and Stephen Johnson and has, collectively, over 100 years of experience, both in water management and in operations for E&P Operators. Previously, Mr. Morgan founded a PW mobile recycling company, and Mr. Johnson founded and was CEO and Vice Chairman of WaterBridge Resources, a water management company backed by Five Point Energy. The MWM management team’s track record of success has fostered the technical prowess to understand the PW needs of its customers and the capability to respond to global energy trends.

MWM’s water midstream business will be anchored by over 27,000 acres of SUAs and include: (i) a 16” diameter trunkline gathering pipeline system with a capacity to transport 400,000 Bbl/d of PW; (ii) recycling facilities each with a capacity to treat and recycle 150,000 Bbl/d of PW; (iii) pond storage each with a permitted capacity to hold 1,500,000 Bbl; and (iv) connection agreements with established saltwater disposal operators to dispose of overflow PW volumes. In order to commercialize these water midstream assets, MWM has already begun discussions and is negotiating long-term PW contracts with E&P Operators.

Gray Reed & McGraw LLP (Gray Reed) acted as legal advisor to MWM. About Martin Water Midstream, LLC

Martin Water Midstream, LLC is a private water midstream operator with offices in Midland, Houston and Dallas, Texas. Led by Matthew Morgan (Co-CEO) and Stephen Johnson (Co-CEO), the other key MWM management team members include David Malkowski (CFO), Stephen Claybourn (SVP-Construction/Operations), Trace Maurin (VP of Land) and Ty Froman (Director of Business Development).

For more information, visit https://www.martinwatermidstream.com/.