Atlas Pipeline Partners, L.P. Completes Sale of the NOARK Gas Transmission System for $300 Million
On Monday May 4, 2009, 4:50 pm EDT
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PHILADELPHIA--(BUSINESS WIRE)--Atlas Pipeline Partners, L.P. (NYSE:APL - News) (“APL” or “Atlas Pipeline”) announces that it has completed the sale of its NOARK natural gas gathering and interstate transmission system to Spectra Energy Partners, LP for gross proceeds of $300 million in cash. The net proceeds from the transaction will be used to reduce indebtedness and increase liquidity.
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Gene Dubay, President and Chief Executive Officer of Atlas Pipeline stated, “We are pleased to announce the closing of this transaction. We have stated previously that we intended to reduce the leverage on the business and improve operations. This transaction significantly reduces our leverage and we remain committed to follow through on other initiatives to further improve operations.”
Atlas Pipeline Partners, L.P. is active in the transmission, gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, northern and western Texas and the Texas panhandle, APL owns and operates eight active gas processing plants and a treating facility, as well as approximately 8,750 miles of active intrastate gas gathering pipeline. In Appalachia, it owns and operates approximately 1,800 miles of natural gas gathering pipelines in western Pennsylvania, western New York, eastern Ohio and northeastern Tennessee. For more information, visit the Partnership’s website at www.atlaspipelinepartners.com or contact InvestorRelations@atlaspipelinepartners.com.
Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Atlas Pipeline’s reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.
Contact:
Atlas Pipeline Partners, L.P.
Brian Begley
Investor Relations
215-546-5005
Fax: 215-553-8455
