Rose Rock Midstream LP Agrees To Acquire Interest In White Cliffs Pipeline From SemGroup Corporation

Rose Rock Midstream LP and Semgroup Corp announced that Rose Rock Midstream has agreed to acquire a 33.3% interest in SemCrude Pipeline, L.L.C., which owns 51% of the White Cliffs Pipeline, from SemGroup for $273.9 million. Following the acquisition, Rose Rock Midstream will effectively own 17% of White Cliffs Pipeline. The White Cliffs Pipeline is a 527-mile common carrier, crude oil pipeline system that originates in Colorado and terminates in Cushing, Oklahoma. It has a current capacity of 70,000 barrels per day and has announced an expansion project for an additional 80,000 barrels per day resulting in total capacity of 150,000 barrels per day. This expansion is expected to be completed in the first half of 2014.