A Fort Worth company that both sells water to drillers and offers water disposal services is making a near half-billion bid to acquire the Hanging H Ranch in far West Texas.

A report from Bloomberg says that the Fort Worth company, RRIG Water Solutions LLC has signed a letter of intent with the family that owns the 67,500-acre ranch. According to the report, RRIG is seeking access to the fresh water under the property to sell to the many companies drilling for oil and gas in the Permian Basin.

In 2017, RRIG Water Solutions, a subsidiary of Fort Worth-based RRIG Energy, acquired a 475-mile pipeline located in the Eastern Delaware Basin from Oilfield Water Logistics for an undisclosed price. RRIG Water Solutions was founded in 2016 by RRIG Energy co-CEOs, Parker Handlin and Corey Leedy.


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