Summit Midstream Partners, LP Closes Previously Announced Marcellus Shale Acquisition

  Summit Midstream Partners, LP Closes Previously Announced Marcellus Shale
                                 Acquisition

PR Newswire

DALLAS, June 21, 2013

DALLAS, June 21, 2013 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:
SMLP) announced today that it has closed the previously announced acquisition
of certain natural gas gathering pipelines and compression assets located in
the liquids-rich window of the Marcellus Shale Play, primarily in Doddridge
County, West Virginia, from an affiliate of MarkWest Energy Partners, L.P.
("MarkWest"). The assets were acquired by Mountaineer Midstream Company, LLC
("Mountaineer"), an indirect, wholly-owned subsidiary of SMLP for $210 million
in cash.

(Logo: http://photos.prnewswire.com/prnh/20120927/MM82470LOGO)

The Mountaineer system consists of over 40 miles of newly constructed,
high-pressure natural gas gathering pipelines, certain rights-of-way
associated with the pipeline, and two compressor stations with over 21,000
horsepower of compression. This rich-gas gathering and compression system
serves as a critical inlet to MarkWest's world-class Sherwood Processing
Complex, which is currently being expanded from 400 MMcf/d to 800 MMcf/d. The
Mountaineer system is capable of delivering 550 MMcf/d to the Sherwood
Processing Complex and is underpinned by a long-term, fee-based contract with
an affiliate of Antero Resources Corporation. 

The acquisition was funded with (i) $110 million of borrowings under SMLP's
revolving credit facility, (ii) approximately $98 million in proceeds from
SMLP's issuance of 3,107,698 common units to Summit Midstream Partners
Holdings, LLC ("Summit Holdings"), a wholly-owned subsidiary of Summit
Midstream Partners, LLC, and (iii) approximately $2 million in proceeds from
SMLP's issuance of 63,422 general partner units to Summit Midstream GP, LLC,
our general partner (the "General Partner"). The value of the common and
general partner units that were issued as partial consideration for the
Mountaineer acquisition was based on the volume weighted daily average price
of SMLP's common units for the five trading days prior to entry into that
certain Unit Purchase Agreement, dated June 4, 2013, by and among SMLP, Summit
Holdings and the General Partner.

About Summit Midstream Partners, LP
SMLP is a growth-oriented limited partnership focused on owning and operating
midstream energy infrastructure assets that are strategically located in the
core producing areas of unconventional resource basins, primarily shale
formations, in North America. SMLP currently provides primarily fee-based
natural gas gathering and compression services in four unconventional resource
basins: (i) the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in western Colorado; (ii) the Fort
Worth Basin, which includes the Barnett Shale formation in north-central
Texas; (iii) the Williston Basin, which includes the Bakken and Three Forks
shale formations in northwestern North Dakota; and (iv) the Appalachian Basin,
which includes the Marcellus Shale formation in northern West Virginia. SMLP
owns and operates approximately 747 miles of pipeline and 180,610 horsepower
of compression. SMLP is headquartered in Dallas, TX with offices in Houston,
TX, Denver, CO and Atlanta, GA.

About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC ("Summit Investments") owns a 71.6% limited
partner interest in SMLP and owns and controls the general partner of SMLP,
Summit Midstream GP, LLC, which has sole responsibility for conducting the
business and managing the operations of SMLP. Summit Investments also owns,
operates and is developing various crude oil, natural gas, and water-related
midstream energy infrastructure assets in the Bakken Shale Play in North
Dakota, the DJ Niobrara Shale Play in Colorado, the Uinta Basin in Utah, and
the Piceance Basin in western Colorado. Summit Investments is a privately
held company owned by members of management, funds controlled by Energy
Capital Partners II, LLC, and GE Energy Financial Services, Inc. and certain
of its affiliates.

Forward Looking Statements
This press release includes certain statements concerning expectations for the
future that are forward-looking within the meaning of the federal securities
laws. Forward-looking statements contain known and unknown risks and
uncertainties (many of which are difficult to predict and beyond management's
control) that may cause our actual results in future periods to differ
materially from anticipated or projected results. An extensive list of
specific material risks and uncertainties affecting us is contained in our
2012 Annual Report on Form 10-K filed with the Securities and Exchange
Commission ("SEC") on March 18, 2013 and other documents and reports filed
from time to time with the SEC. Any forward-looking statements in this press
release are made as of the date of this press release and SMLP undertakes no
obligation to update or revise any forward-looking statements to reflect new
information or events.

SOURCE Summit Midstream Partners, LP

Website: http://www.summitmidstream.com
Contact: Marc Stratton, Vice President and Treasurer, 214-242-1966,
ir@summitmidstream.com
 
Press spacebar to pause and continue. Press esc to stop.