Rose Rock Midstream to Acquire Transportation Assets From Barcas Field
Services for $47 million
Assets Include Crude Oil Trucking Fleet in Key Production Areas
TULSA, Okla., Aug. 2, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P.
(NYSE:RRMS) today announced that it has executed a definitive agreement to
acquire the assets of Barcas Field Services LLC, which owns and operates a
crude oil trucking fleet, for $47 million. Approximately 140 employees of
Barcas Field Services will join Rose Rock at the close of the transaction.
Closing is expected during the third quarter of 2013 and is subject to
customary closing conditions.
*114 trucks, 120 trailers and miscellaneous equipment, operating in
Colorado, Louisiana, Oklahoma, Wyoming, North Dakota, Kansas, New Mexico,
and Texas; and
*Long-term take-or-pay customer transportation agreement.
"Trucking is a key component of crude oil transportation, serving as a mobile
extension of fixed pipeline gathering systems," said Norm Szydlowski, chief
executive officer of Rose Rock Midstream's general partner. "This purchase
expands our scale in highly attractive areas with strong producer activity and
we are excited about the synergy it creates for Rose Rock."
The company will be hosting its second quarter earnings call August 9, 2013.
Interested parties are invited to listen to the call with management regarding
this acquisition and second quarter 2013 results at 11:00 AM Eastern by
dialing 877.359.3652 (International 720.545.0014), passcode 10053658 or by
logging on to the webcast at ir.semgroupcorp.com.
About Rose Rock Midstream
Rose Rock Midstream, L.P. (NYSE:RRMS) is a growth-oriented Delaware limited
partnership formed by SemGroup® Corporation (NYSE:SEMG) to own, operate,
develop and acquire a diversified portfolio of midstream energy assets. Rose
Rock Midstream provides crude oil gathering, transportation, storage and
marketing services. Headquartered in Tulsa, OK, Rose Rock Midstream has
operations in six states with the majority of its assets strategically located
in or connected to the Cushing, Oklahoma crude oil marketing hub.
Certain matters contained in this Press Release include "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We make these forward-looking statements in reliance on the safe
harbor protections provided under the Private Securities Litigation Reform Act
All statements, other than statements of historical fact, included in this
Press Release, including the prospects of our industry, our anticipated
financial performance, management's plans and objectives for future
operations, business prospects, market conditions and other matters, may
constitute forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are reasonable, we
cannot assure you that these expectations will prove to be correct. These
forward-looking statements are subject to certain known and unknown risks and
uncertainties, as well as assumptions that could cause actual results to
differ materially from those reflected in these forward-looking statements.
Factors that might cause actual results to differ include, but are not limited
to, our ability to comply with the covenants contained in and maintain certain
financial ratios required by our credit facilities; any sustained reduction in
demand for the petroleum products we gather, transport, process and store; our
ability to obtain new sources of supply of petroleum products; our failure to
comply with new or existing environmental laws or regulations or cross border
laws or regulations; the possibility that the construction or acquisition of
new assets may not result in the corresponding anticipated revenue increases;
as well as other risk factors discussed from time to time in each of our
documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking
statements contained in this Press Release, which reflect management's
opinions only as of the date hereof. Except as required by law, we undertake
no obligation to revise or publicly release the results of any revision to any
CONTACT: Investor Relations:
Mary Catherine Ward
Rose Rock Midstream logo
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