Atlas Pipeline Partners, L.P. Completes Sale of Partnership Interest in Laurel Mountain Midstream Joint Venture to Atlas Energy for $403MM
PHILADELPHIA--(BUSINESS WIRE)--Atlas Pipeline Partners, L.P. (NYSE: APL) (“Atlas Pipeline” or the “Partnership”) reported today that it has completed the sale of its’ 49% interest in the Laurel Mountain Midstream joint venture to Atlas Energy for $403 million, excluding working capital adjustments and fees. Proceeds from the sale may be used to further reduce the Partnership’s outstanding debt and for reinvestment towards the Partnership’s operating assets.
Eugene Dubay, the Partnership's Chief Executive Officer, stated, "We are pleased to announce the closing of the Laurel Mountain transaction. The proceeds will allow us to deploy capital in the near term to reduce our leverage and thereafter provide us the liquidity we need to pursue the capital projects that are presenting themselves to us.”
Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, southern Kansas, and northern and western Texas, APL owns and operates five active gas processing plants as well as approximately 8,600 miles of active intrastate gas gathering pipeline. For more information, visit the Partnership's website at www.atlaspipeline.com or contact IR@atlaspipeline.com.
Atlas Energy, L.P. (NYSE: AHD), formerly Atlas Pipeline Holdings, L.P., is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL. Additionally, AHD owns an interest in over 8,500 producing natural gas and oil wells, representing over 185 Bcfe of net proved developed reserves. For more information, please visit our website at www.atlasenergy.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.