Cardinal buys gas storage facility for $148M
by For the MBJ
Published: June 2,2011
Tags: energy, gas, mergers and acquisition, natural gas, storage
MONROE COUNTY — Cardinal Gas Storage Partners, LLC, has acquired Monroe Gas Storage Company, LLC, as well as an option on development rights to an adjacent depleted natural gas reservoir from High Sierra Monroe, LLC, a wholly-owned subsidiary of High Sierra Energy, LP, and certain other shareholders.
The total consideration is approximately $148 million.
Monroe is a FERC-regulated, high deliverability natural gas storage reservoir facility located in Northeast Mississippi. The facility has been in operation since 2009 and has 12 billion cubic feet of working gas capacity currently in service.
Subject to regulatory approval and market demand, the facility has expansion potential to add up to an additional 12 billion cubic feet of working gas capacity through expansion of the existing facility and development of the option.
Monroe currently has two pipeline interconnects through a separate east and west header system to Tennessee Gas Pipeline and Texas Eastern Pipeline.
Source: Cardinal Gas Storage Partners, LLC
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June 6th, 2011 at 3:13 pm
Sounds like a good acquisition for Cardinal Gas Storage.