DENVER-January 3, 2007– MarkWest Energy Partners, L.P. (AMEX:MWE) today announced that on December 29, 2006, it purchased 100% of the ownership interest in Santa Fe Gathering, L.L.C. and the Grimes Gathering System located in Roger Mills and Beckham Counties, Oklahoma. The Grimes Gathering System was constructed in May 2005 to gather growing Cherokee and Des Moines production. Current system throughput is approximately 16 MMcfd.
As a part of the acquisition, MarkWest signed a 10-year gas gathering agreement with the largest producer on the system, Oklahoma City-based JMA Energy Company, L.L.C., under which significant undeveloped acreage is dedicated to the Grimes System. MarkWest is exploring the possibility of integrating the Grimes Gathering System with MarkWest’s Foss Lake Gathering System and will continue to expand the system to provide low pressure and highly reliable service.
“We are pleased with this acquisition and the Grimes System’s potential for further development,” said Frank Semple, MarkWest Energy Partners’ President and CEO. “The foundation for the purchase agreement and associated gathering agreement was MarkWest’s reputation for providing outstanding service in our nearby Foss Lake Gathering System and the company’s strategy to continue to expand its gathering business in the prolific Anadarko Basin. We look forward to working with JMA and other producers to fully develop this rapidly growing field. The details of the transaction will be discussed in MarkWest Energy Partners’ First Quarter conference call.”
MarkWest Energy Partners, L.P. is a publicly traded, master limited partnership with a solid core of midstream assets and a growing core of gas transmission assets. It is the largest processor of natural gas in the Northeast and is the largest natural gas gatherer in the Carthage field in East Texas. It also has a growing number of other gas gathering and intrastate gas transmission assets in the Southwest, primarily in Texas and Oklahoma.
Forward-Looking Statements: This press release includes “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. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. These forward-looking statements, which in many instances can be identified by words like “may,” “will,” “should,” “expects,” “plans,” “believes” and other comparable words, involve risks and uncertainties that affect our operations, financial performance and other factors, as discussed in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements, including those referring to future performance, growth, cash flow, distributions, or other factors, are reasonable, we can give no assurance that such expectations will prove to be correct and that projected performance or distributions may not be achieved. Among the factors that could cause results to differ materially are those risks discussed in our Form S-1, as amended, and our Annual Report on Form 10-K, as filed with the SEC. You are also urged to carefully review and consider the cautionary statements and other disclosures, including those under the heading “Risk Factors,” made in those filings.
MarkWest Energy Partners, L.P.
Frank Semple, 866-858-0482
Chairman, President & CEO
Nancy Buese, 866-858-0482
Senior VP and CFO
Dan Campbell, 866-858-0482
VP of Finance & Treasurer