2008-08-06 05:10:00
MarkWest Acquires Gathering Assets from Petroquest Energy for $41.3 Million
MarkWest to Invest an Additional $28 Million to Expand Existing
Gathering Systems
DENVER–(EMWNews)–MarkWest Energy Partners, L.P. (NYSE: MWE) today announced that on July
31, 2008, it completed the acquisition of gathering assets primarily
located in Pittsburg County in Southeast Oklahoma from Petroquest
Energy, LLC for $41.3 million. In conjunction with the acquisition
agreement, MarkWest will invest up to an additional $15 million in 2008
and $13 million in 2009 to support the development of Petroquest’s
Woodford Shale and coal bed methane initiatives.
Petroquest is the primary producer supporting these gathering systems,
which are currently producing approximately 45 million cubic feet of gas
per day. Petroquest has over 31,000 net acres dedicated to these
gathering assets and currently has three drilling rigs operating in this
area.
“This investment represents another
high-quality expansion of our Woodford operation,”
said Frank Semple, President and Chief Executive Officer of MarkWest
Energy Partners. “We are excited about this
agreement and the opportunity to support Petroquest’s
very successful drilling program in Southeast Oklahoma. We look forward
to discussing this acquisition and the related opportunities in further
detail on our second quarter earnings conference call.”
MarkWest Energy Partners, L.P. is a growth-oriented master limited
partnership engaged in the gathering, transportation, and processing of
natural gas; the transportation, fractionation, marketing, and storage
of natural gas liquids; and the gathering and transportation of crude
oil. MarkWest has extensive natural gas gathering, processing, and
transmission operations in the southwestern and Gulf Coast regions of
the United States and is the largest natural gas processor in the
Appalachian region. The primary business strategy of MarkWest is
to provide outstanding customer service at competitive rates and to
expand its assets and cash flow available for distribution through a
balanced combination of organic growth projects and selective
acquisitions.
This press release includes “forward-looking
statements.” All statements other than
statements of historical facts included or incorporated herein may
constitute forward-looking statements. Actual results could vary
significantly from those expressed or implied in such statements and are
subject to a number of risks and uncertainties. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to be correct. The forward-looking
statements involve risks and uncertainties that affect our operations,
financial performance, and other factors as discussed in our filings
with the Securities and Exchange Commission. Among the factors
that could cause results to differ materially are those risks discussed
in our Annual Report on Form 10-K, as amended, for the year ended
December 31, 2007, as filed with the SEC. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, specifically those under the heading “Risk
Factors.” We do not undertake any duty
to update any forward-looking statement except as required by law.
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MarkWest Energy Partners, L.P. & CEO Schroeder, 866-858-0482 303-925-9308 |
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