Rose Rock Midstream to Acquire Transportation Assets From Chesapeake
Assets Further Expand Crude Oil Trucking Fleet in Key Production Areas
TULSA, Okla., June 5, 2014 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P.
(NYSE:RRMS) today announced that it has executed a definitive agreement to
acquire crude oil trucking assets from a subsidiary of Chesapeake Energy
Corporation (NYSE:CHK). The transaction is expected to close during the second
quarter of 2014 and is subject to customary closing conditions.
*Includes 124 trucks, 122 trailers and miscellaneous equipment operating in
Texas, Oklahoma and Ohio;
*Approximately 200 employees; and
*Term transportation agreement at market rates with Chesapeake Energy
Marketing, Inc., a wholly owned subsidiary of Chesapeake
Following the close of the acquisition, Rose Rock will operate a fleet of more
than 250 trucks with approximately 350 employees, servicing the Bakken, DJ /
Niobrara, Eagle Ford, Granite Wash, Mississippi Lime, Permian, San Juan and
"Crude oil trucking continues to be a crucial element of midstream
infrastructure," said Carlin Conner chief executive officer of Rose Rock
Midstream's general partner. "We anticipate this acquisition will be
immediately accretive and synergistic to our existing field services business,
while expanding our footprint and scale further into highly attractive areas."
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.
Headquartered in Tulsa, OK, Rose Rock Midstream provides crude oil gathering,
transportation, storage and marketing services with the majority of its assets
strategically located in or connected to the Cushing, Oklahoma crude oil
Certain matters contained in this Press Release include "forward-looking
statements." All statements, other than statements of historical fact,
included in this Press Release 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, the 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
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