Attached files
| file | filename |
|---|---|
| EX-10.1 - GAS GATHERING AGREEMENT - Crestwood Midstream Partners LP | exh10_1.htm |
| 8-K - QUICKSILVER GAS SERVICES LP CURRENT REPORT ON FORM 8-K - Crestwood Midstream Partners LP | form8-k.htm |
Exhibit
99.1
 |
N e
w s R e l e a s
e
QUICKSILVER GAS SERVICES LP
777
West Rosedale Street
Fort
Worth, TX 76104
www.kgslp.com
|
Quicksilver Gas Services LP
Completes Alliance Midstream Acquisition
FORT WORTH, TEXAS (January 6,
2010) – Quicksilver Gas Services LP
(NYSE: KGS) announced that it has completed the purchase of the Alliance
midstream gathering and treating assets from Quicksilver Resources Inc.
(NYSE: KWK) for a total preliminary adjusted purchase price of
approximately $95 million, which is subject to final adjustment pursuant to the
purchase agreement. The acquired assets consist of gathering systems
and related compression facilities with an aggregate current capacity of 115
million cubic feet per day (MMcfd), and a plant with amine treating capacity of
180 MMcfd and dehydration treating capacity of 200 MMcfd to the gathered
gas. The purchase was funded through draws on the company’s senior
secured revolving credit facility.
Separately,
the underwriters of the company’s recent offering of 4 million common units have
exercised their option to purchase an additional 549,200 common units
representing limited partner interests. The sale of the additional
units is expected to close on January 7, 2010. Net proceeds from the
sale will be used to repay outstanding borrowings under the company’s credit
facility.
The
company has $320 million of total commitments on its credit
facility. Following receipt of the net proceeds from the sale of
additional units, the company expects to have approximately $210 million drawn
on the credit facility.
About
Quicksilver Gas Services
Quicksilver
Gas Services LP is a midstream master limited partnership engaged in the
business of gathering and processing natural gas produced from the Barnett Shale
formation in the Fort Worth Basin in north Texas. Headquartered in
Fort Worth, the company’s predecessors began operations in 2004 to provide
midstream services primarily to Quicksilver Resources Inc. For more
information about Quicksilver Gas Services, visit www.kgslp.com.
-more-
 |
NEWS
RELEASE
Page 2 of
2
|
Forward-Looking
Statements
The
statements in this press release regarding future events, occurrences,
circumstances, activities, performance, outcomes and results are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Actual activities could differ materially from those contained
in this release because of a variety of factors disclosed in Quicksilver Gas
Services’ filings with the Securities and Exchange Commission. Except
as required by law, we do not intend to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
# #
#
Investor
and Media Contact:
Rick
Buterbaugh
817-665-4835
KGS
10-01
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end -