Nine Point gains $320M loan for Bakken developments

By Luke Geiver | June 25, 2019

AB Private Credit Investors LLC will loan roughly $320 million to help Nine Point Energy continue buildings its Williston Basin position. Formed by a group of former executives from Triangle Petroleum—also once focused on the Williston Basin—Nine Point will use the funding to help with upstream development.

The Denver-based company currently operates more than 170 wells across 72,750 net acres mainly in the North Dakota counties of Williams and McKenzie. The 55-person company has 95 percent of its acreage held by production and it captures 94 percent of all associated gas produced during oil retrieval efforts.

Dominic Spencer, president and CEO of the private exploration and production company, said his team is please to work in partnership with AB-PCI and its co-lenders.

Patrick Gimlett, a managing director who leads AB-PCI's origination efforts in energy added, "Upstream oil and gas is a key area of specialization for us and we are excited to have utilized our industry knowledge and private credit structuring expertise to support Nine Point's continued growth."