Oklahoma City-based Lagoon Water Midstream said Sept. 21 it closed on acquisition of Midland water management company Double Drop Resources. The deal expands Lagoon’s operations and establishes it as a multi-basin water management company with new presence in Permian Basin. Lagoon absorbed all Double Drop employees and will maintain an office in Midland with plans to acquire additional disposal and water recycling facilities in Permian Basin.
Kevin Lafferty, president and CEO, said, “Lagooon’s acquisition of Double Drop Resources is a key part of our continued growth strategy as we enter the Permian Basin.” Double Drop has commissioned three new disposal wells in the past year with a fourth under construction – all connected by pipeline in Midland and Martin counties. Double Drop assets are capable of sourcing more than 300,000 barrels of water per day for completion operations.