North Avenue Capital Extends More than $5 Million into Oklahoma's Oil and Gas Industry
North Avenue Capital (NAC), the #1 USDA Business & Industry lender in the nation, is helping support the oil and gas (O&G) industry in Oklahoma through a $5,550,000 USDA Business & Industry Loan to Dibble SWD Holdings (Dibble), a permitted saltwater disposal facility.
The company’s facility is located in Blanchard, Oklahoma, a rural community 30 miles south of Oklahoma City with a population of fewer than 9,000 people. This region is home to two large oil fields (known as “plays” by industry insiders), the South-Central Oklahoma Oil Province (SCOOP) and the Sooner Trend (oil field) Anadarko (basin) Canadian & Kingfisher (counties) (STACK). The SCOOP and STACK plays are two of the most attractive fields in the U.S. O&G exploration industry over the past five years. The financing provided by NAC comes at a time when companies all across the supply chain are recovering from and responding to the effects of the Covid-19 Pandemic and subsequent decline in oil prices. This loan will help to preserve valuable jobs in this highly specialized market, and with Dibble’s state-of-the-art technology, will create a safer and healthier environment for the surrounding community.
Through NAC’s support, Dibble will be able to complete a strategic acquisition, purchase new equipment to increase facility production, and fund payment reserves. Led by a management team with more than twenty years of industry experience, the saltwater disposal facility provides an important environmental service to the O&G industry in one of the most active areas in the United States. By providing wells designed to safely dispose of wastewater generated from oilfield drilling, the loan finances community advancements in environmental health and wellbeing, while also generating economic development across market segments throughout the region.
About North Avenue Capital
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA Rural Development loans. The largest B&I lender in the country, NAC uses its expertise, capital, and relationships to build businesses, grow economies, and create jobs in rural America. Learn more about NAC and its Borrowers at www.northavenue.com.
About Dibble SWD Holdings
Dibble SWD Holdings is a permitted saltwater disposal facility in Blanchard, Oklahoma. The facility is located near the South-Central Oklahoma Oil Province (“SCOOP”) and Sooner Trend Anadarko basin Canadian & Kingfisher counties (“STACK”) oil fields, two of the most active exploration plays in the U.S. O&G industry since 2016.