SemGroup Energy Partners, L.P. ("SGLP") (Pink Sheets: SGLP) today
announced that it has completed the execution of additional asphalt
storage contracts or leases related to its asphalt facilities with
various counterparties. As a result, SGLP now has 45 of its 46 total
asphalt facilities under a storage contract or lease agreement.
Jerry Parsons, Executive Vice President Asphalt Operations said, "The
contracting of our facilities has required a significant coordinated
effort and the execution of these additional contracts essentially
completes the task to get our asphalt facilities under contract. We now
have agreements with 13 counterparties for our asphalt facilities with
terms primarily extending through December 31, 2011. "
As previously mentioned, SGLP will operate the facilities under the
storage agreements and the contract counterparties will operate the
facilities under the lease agreements. SGLP will receive storage fees or
lease payments as applicable from the new counterparties. The revenues
that SGLP will receive pursuant to these leases and storage agreements
will be less than the revenues previously received under the
Terminalling and Storage Agreement with SemGroup, L.P.
SGLP owns and operates a diversified portfolio of complementary
midstream energy assets consisting of approximately 8.2 million barrels
of crude oil storage located in Oklahoma and Texas, approximately 6.8
million barrels of which are located at the Cushing, Oklahoma
interchange, approximately 1,150 miles of crude oil pipeline located
primarily in Oklahoma and Texas, over 200 crude oil transportation and
oilfield services vehicles deployed in Kansas, Colorado, New Mexico,
Oklahoma and Texas and approximately 7.4 million barrels of combined
asphalt and residual fuel storage located at 46 terminals in 23 states.
SGLP provides crude oil and liquid asphalt cement terminalling and
storage services and crude oil gathering and transportation services.
SGLP is based in Tulsa, Oklahoma. For more information, visit SGLP's web
site at www.SGLP.com.
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This news release includes forward-looking statements. Statements
included in this press release that are not historical facts (including
any statements concerning expectations relating to SGLP's asphalt
facilities and any statements concerning plans and objectives of
management for future operations or economic performance, or assumptions
related thereto) are forward-looking statements. Such forward-looking
statements are subject to various risks and uncertainties. These risks
and uncertainties include, among other things, uncertainties relating to
bankruptcy filings of SemGroup, L.P., uncertainties relating to future
operations of SGLP's asphalt operations, uncertainties relating to
pursuing strategic alternatives for SGLP's business, insufficient cash
from operations, market conditions, governmental regulations and factors
discussed in SGLP's filings with the Securities and Exchange Commission.
If any of these risks or uncertainties materializes, or should
underlying assumptions prove incorrect, actual results or outcomes may
vary materially from those expected. SGLP undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SGLP Investor Relations Contact:
Brian Cropper, 918-524-4026
Free Phone: 866-490-SGLP (7457)
Posted on Wed, June 3, 2009