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Article: Penn Virginia Resource Partners, L.P. Announces $50 Million Acquisition of an Interest in a Powder River Basin Gas Gathering Joint Venture.
- Article from:
- Business Wire
- Article date:
- April 24, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RADNOR, Pa. -- Penn Virginia Resource Partners, L.P. (NYSE:PVR) today announced the acquisition of Kinder Morgan Energy Partners, L.P.'s (NYSE:KMP) 25 percent member interest in Thunder Creek Gas Services, L.L.C. (Thunder Creek) for $50 million in cash, prior to customary closing adjustments. Funding for the acquisition was provided by borrowings under PVR's revolving credit facility.
Thunder Creek is an independently operated joint venture that is one of the major coalbed methane gatherers in Wyoming's Powder River Basin. Thunder Creek's primary assets consist of a 355-mile high-pressure gathering system with a capacity of 450 million cubic feet (MMcf) per day, ...