Eagle Rock Energy Closes on Purchase of ONEOK Texas Natural Gas Gathering and Processing Assets
Posted on: Thursday, 1 December 2005, 18:00 CST
Eagle Rock Energy, Inc. announced today that it has completed the transaction to purchase certain natural gas gathering and processing assets in Texas from ONEOK Field Services, a subsidiary of Tulsa, Okla.-based ONEOK, Inc. (NYSE: OKE), for $528 million.
The properties are located in the Texas Panhandle and include six gas processing plants with a capacity of approximately 150 million cubic feet per day (MMcf/d) and current average throughput of 70 percent; approximately 3,700 miles of gas gathering lines; and estimated natural gas liquid production of 13,500 barrels per day.
It is expected that approximately 90 ONEOK employees associated with the assets will join Eagle Rock. The company also announced that it would be hiring approximately 30 additional employees at its corporate offices in Houston.
Eagle Rock is a Houston-based midstream natural gas provider. It is a portfolio company of Natural Gas Partners, the premier provider of private equity capital in the energy industry. Founded in 1988, Natural Gas Partners is an affiliate of NGP Energy Capital Management, the $3.6 billion firm based in Irving, Texas that invests in all sectors of the energy industry.
Source: Business Wire
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