Quicksilver Gas Services to Acquire Alliance Midstream Assets for $87.1 Million
11 12월 2009 - 6:17AM
Marketwired
Quicksilver Gas Services LP (NYSE: KGS) announced today that it has
entered into a purchase and sale agreement with Quicksilver
Resources Inc. (NYSE: KWK) to acquire the midstream gathering and
treating assets associated with the Alliance project, located in
the northern portion of the Fort Worth Basin, for approximately
$87.1 million. 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 acquisition is expected to close
on or about January 4, 2010, subject to customary closing
conditions.
Quicksilver Gas Services LP also announced that its board of
directors has approved a capital expenditure budget of $80 million
for 2010, including approximately $44 million associated with the
Alliance assets to be acquired. The 2010 capital expenditure budget
includes approximately $50 million for the construction of
pipelines, gathering systems and well connections and approximately
$30 million associated with its natural gas processing and treating
facilities.
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.
Forward-Looking Statements
The statements in this news release regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements. Although these statements
reflect the current views, assumptions and expectations of
Quicksilver Gas Services LP's management, the matters addressed
herein are subject to numerous risks and uncertainties, which could
cause actual activities, performance, outcomes and results to
differ materially from those indicated. Factors that could result
in such differences or otherwise materially affect Quicksilver Gas
Services LP's financial condition, results of operations and cash
flows include: changes in general economic conditions; fluctuations
in natural gas prices; failure or delays in Quicksilver Resources
Inc. and third parties achieving expected production from natural
gas projects; competitive conditions in our industry; actions taken
or non-performance by third parties, including suppliers,
contractors, operators, processors, transporters and customers;
fluctuations in the value of certain of our assets and liabilities;
changes in the availability and cost of capital; operating hazards,
natural disasters, weather-related delays, casualty losses and
other matters beyond our control; construction costs or capital
expenditures exceeding estimated or budgeted amounts; the effects
of existing and future laws and governmental regulations; and the
effects of current and future litigation; as well as other factors
disclosed in Quicksilver Gas Services LP's 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.
KGS 09-13
Investor and Media Contact: Rick Buterbaugh 817-665-4835
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