General Partner of Summit Midstream Partners, LP Announces Closing of Acquisition of Equity Interests in Ohio Gathering From

    General Partner of Summit Midstream Partners, LP Announces Closing of
  Acquisition of Equity Interests in Ohio Gathering From Blackhawk Midstream

PR Newswire

DALLAS, Jan. 28, 2014

DALLAS, Jan. 28, 2014 /PRNewswire/ -- Summit Midstream Partners, LLC ("Summit
Investments"), the privately held company that owns and controls the general
partner of Summit Midstream Partners, LP (NYSE: SMLP), announced today that it
has closed the acquisition of equity interests in Ohio Gathering Company,
L.L.C. and Ohio Condensate Company, L.L.C. (together, "Ohio Gathering") from
Blackhawk Midstream, LLC ("Blackhawk"), a joint venture between Gulfport
Energy Corporation ("Gulfport") and Wexford Capital LP.

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The acquired equity interests from Blackhawk include an option to increase
Summit Investments' ownership interest in Ohio Gathering up to 40.0% at a
price based on the capital invested by the owners at the time the option is
exercised. Summit Investments expects to fully exercise this option in the
second quarter of 2014. Upon exercise of the option, each of MarkWest Utica
EMG, L.L.C. and MarkWest Utica EMG Condensate, L.L.C. will retain its
respective 60.0% ownership interest in Ohio Gathering and will continue to
operate and develop the gathering infrastructure. Summit Investments intends
to offer all or a portion of its interest in Ohio Gathering to Summit
Midstream Partners, LP following the exercise of the option and the subsequent
development of the assets.

Ohio Gathering owns, operates and is developing significant midstream
infrastructure in southeastern Ohio consisting of a liquids-rich natural gas
gathering system, a dry natural gas gathering system and a condensate
transportation, storage and stabilization facility in the core of the Utica
Shale play. Ohio Gathering is supported by fee-based gathering agreements and
acreage dedications from producer customers including Gulfport, Rex Energy
Corporation and PDC Energy, Inc., which are actively developing Utica Shale
positions throughout Harrison, Guernsey, Belmont, Noble and Monroe counties in
Ohio. Ohio Gathering's liquids rich gathering system serves as a critical
inlet to MarkWest Utica EMG's Cadiz and Seneca processing complexes, the
largest integrated rich-gas processing and fractionation facilities in the
Utica Shale. 

Steve Newby, President and Chief Executive Officer of Summit Investments
commented, "This announcement marks our first step to position Summit with an
equity interest in a premier set midstream assets located in the core of the
Utica Shale. We intend to fully exercise our option and increase our equity
interest in Ohio Gathering and maximize our exposure to this important and
fast growing basin. We are excited to begin this joint venture partnership
with MarkWest and The Energy & Minerals Group and we look forward to playing a
role in expanding the infrastructure required to unlock the production
potential of the Utica Shale."

Summit Investments engaged Barclays Capital, Inc. to act as its financial
advisor and Vinson & Elkins LLP to act as its legal advisor on the
transaction.

Forward Looking Statements
This news release contains certain forward-looking statements within the
meaning of U.S. federal and other securities laws. Words and phrases such as
"is anticipated," "is estimated," "is expected," "is planned," "is scheduled,"
"is targeted," "believes," "intends," "objectives," "projects," "strategies"
and similar expressions are used to identify such forward-looking statements.
However, the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements relating to the proposed
acquisition of Ohio Gathering and subsequent option exercise are based on
management's expectations, estimates and projections about the natural gas and
NGL industries and markets and other factors on the date this news release was
prepared. These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are difficult to
predict, including, but not limited to, the risks related to prevailing
conditions and outlook in the natural gas and NGL industries and markets,
acquisition and development risks, hazards and delays relating to the
acquisition, development, and expansion of Ohio Gathering and the availability
of financing on terms acceptable to Summit Investments related to the
acquisition and development and any expansion of Ohio Gathering. In addition,
any determination by Summit Investments to offer any interest in Ohio
Gathering to Summit Midstream Partners, LP will be made in Summit Investment's
sole discretion and will in any event be subject to a number of factors,
including, but not limited to, the ability to reach agreement on acceptable
terms, the approval of a conflicts committee of Summit Midstream Partners, LP
(if appropriate), prevailing conditions and outlook in the natural gas and NGL
industries and markets, and Summit Midstream Partners, LP's ability to obtain
financing on acceptable terms, from the capital markets or other sources.
Therefore, actual outcomes and results may differ materially from what is
expressed in such forward-looking statements. Summit Investments has no
obligation to offer, and Summit Midstream Partners, LP has no right to
acquire, any interest in Ohio Gathering or any other asset of Summit
Investments. Summit Investments is under no obligation (and expressly
disclaims any such obligation) to update or alter its forward-looking
statements, whether as a result of new information, future events or
otherwise.

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 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 also developing
natural gas gathering and condensate stabilization infrastructure in the Utica
Shale in southeastern Ohio under a joint venture agreement with affiliates of
MarkWest Energy Partners, L.P. and The Energy & Minerals Group. 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.

Summit Investments was formed in 2009 by members of management and funds
controlled by Energy Capital Partners II, LLC. Together with its affiliates,
Energy Capital Partners is a private equity firm with over $8 billion in
capital commitments that is focused on investing in North America's energy
infrastructure. In August 2011, Energy Capital Partners sold an interest in
Summit Investments to GE Energy Financial Services. GE Energy Financial
Services invests globally in essential, long-lived and capital-intensive
energy assets.

SOURCE Summit Midstream Partners, LLC

Contact: Summit Midstream Partners, LLC, Marc Stratton, Vice President and
Treasurer, 214-242-1966, ir@summitmidstream.com
 
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