Martin Midstream Partners LP (MMLP): Joint venture. KILGORE, Texas, May 31...

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Thursday, 06/16/2011 2:13:39 PM

Thursday, June 16, 2011 2:13:39 PM

Joint venture.

KILGORE, Texas, May 31, 2011 (GLOBE NEWSWIRE) -- Martin Resource Management Corporation ("MRMC") and Martin Midstream Partners L.P. (Nasdaq:MMLP - News) ("MMLP" or the "Partnership") announced today the formation of Redbird Gas Storage LLC, ("Redbird" or the "Joint Venture"), a natural gas storage joint venture formed to invest in Cardinal Gas Storage Partners ("Cardinal"). Cardinal is a joint venture between Redbird and Energy Capital Partners that is focused on the development, construction, operation and management of natural gas storage facilities across North America. In conjunction with the formation of the Joint Venture, MMLP acquired all of the Class B equity interests in Redbird for approximately $59.3 million (the "Investment").

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