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American Midstream Partners LP announces agreement to acquire natural gas gathering system for about $100 mln

Wednesday, 22 Jan 2014 04:17pm EST 

American Midstream Partners LP:Says the execution of an agreement to purchase an approximate 120-mile natural gas gathering and redelivery system located in the oil window of the Eagle Ford shale.Says in December 2013, an affiliate of American Midstream's general partner entered into a purchase and sale agreement with a subsidiary of Penn Virginia Corporation to acquire the gathering and redelivery system.Says it will effect the closing of the transaction by acquiring 100 percent of the equity of the affiliate of its general partner that previously entered into the purchase and sale agreement with Penn Virginia.Says upon closing the acquisition with Penn Virginia, American Midstream will also enter into a long-term, fee-based gathering agreement, whereby Penn Virginia will dedicate for 25 years all current and future natural gas production from the areas served by the system.Says system is located in Gonzales and Lavaca counties, Texas, in close proximity to the previously announced full-well-stream gathering system currently under development by an affiliate of American Midstream's general partner.Says it will be acquired for an aggregate purchase price of $100 mln.Says the transaction is expected to close in January 2014, and the closing is subject to financing and other customary closing conditions. 

Company Quote

-1.21 -4.17%
24 Oct 2014