DENVER--(BUSINESS WIRE)--Mar. 6, 2012--
MarkWest Utica EMG, L.L.C. (MarkWest Utica), a joint venture between
MarkWest Energy Partners, L.P. (NYSE: MWE) and The Energy and Minerals
Group (EMG) focused on the development of significant natural gas
gathering, transportation, and processing and natural gas liquid (NGL)
transportation, fractionation, and marketing infrastructure in the Utica
shale in eastern Ohio, today announced the execution of a letter of
intent with Gulfport Energy Corporation (NASDAQ: GPOR) to provide
gathering, processing, fractionation, and marketing services in the
liquids-rich corridor of the Utica.
Under the terms of the LOI, which requires the execution of definitive
agreements, MarkWest Utica will develop extensive natural gas gathering
infrastructure with Gulfport and other producers primarily in Harrison,
Guernsey, and Belmont counties that is expected to come online beginning
in 2012. MarkWest Utica will process the gas at its Harrison County
processing complex, and will provide NGL fractionation and marketing
services at the Harrison County fractionator, where NGL purity products
will be marketed by truck, rail, and pipeline.
"We are very excited to announce the development of midstream
infrastructure with Gulfport and other producers to fully develop the
rich-gas acreage in the southern Utica shale," said Frank Semple,
Chairman, President and Chief Executive Officer of MarkWest. “The full
spectrum of natural gas midstream services, particularly the
fractionation and marketing of NGLs at a world-scale fractionation
complex, is essential to the success of Utica producers, and we are
excited to work closely with our producer customers to develop this
prolific shale play.”
About MarkWest Energy Partners
MarkWest Energy Partners, L.P. is a master limited partnership
engaged in the gathering, transportation, and processing of natural gas;
the transportation, fractionation, marketing, and storage of natural gas
liquids; and the gathering and transportation of crude oil. MarkWest has
extensive natural gas gathering, processing, and transmission operations
in the southwest, Gulf Coast, and northeast regions of the United
States, including the Marcellus Shale, and is the largest natural gas
processor and fractionator in the Appalachian region.
About The Energy & Minerals Group
The Energy & Minerals Group is the management company for a series of
private equity funds totaling in excess of $3.3 billion of commitments.
EMG focuses exclusively on making direct investments across the
natural resources industry in conjunction with experienced management
teams focused on hard assets that are integral to existing and growing
markets. For additional information on EMG, please contact John
Raymond at 713-579-5000.
About Gulfport
Gulfport Energy Corporation is an Oklahoma City-based independent oil
and natural gas exploration and production company with its principal
producing properties located along the Louisiana Gulf Coast and in the
Permian Basin in West Texas. Gulfport has also acquired acreage
positions in the Niobrara Formation of Western Colorado and the Utica
Shale of Eastern Ohio. In addition, Gulfport holds a sizeable acreage
position in the Alberta Oil Sands in Canada through its interest in
Grizzly Oil Sands ULC and has interests in entities that operate in
Southeast Asia, including the Phu Horm gas field in Thailand.
This press release includes “forward-looking statements.” All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements. Actual
results could vary significantly from those expressed or implied in such
statements and are subject to a number of risks and uncertainties.
Although MarkWest believes that the expectations reflected in the
forward-looking statements are reasonable, MarkWest can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that affect
operations, financial performance, and other factors as discussed in
filings with the Securities and Exchange Commission. Among the
factors that could cause results to differ materially are those risks
discussed in the periodic reports filed with the SEC, including
MarkWest’s Annual Report on Form 10-K for the year ended December 31,
2011. You are urged to carefully review and consider the cautionary
statements and other disclosures made in those filings, specifically
those under the heading “Risk Factors.” MarkWest does not
undertake any duty to update any forward-looking statement except as
required by law.
Source: MarkWest Energy Partners
MarkWest Energy Partners
Frank Semple, 866-858-0482
Chairman,
President and CEO
or
Nancy Buese, 866-858-0482
Senior VP
and CFO
or
Dan Campbell, 866-858-0482
VP of
Finance/Treasurer
E-mail: investorrelations@markwest.com
or
The
Energy & Minerals Group
John Raymond, 713-579-5000
Managing
Partner & CEO
or
Jeff Rawls, 713-579-5000
Managing
Director
or
Patrick Wade, 713-579-5000
Managing Director
