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|Sanchez Production Partners Completes Midstream Acquisition; Reiterates Distribution Plan and Provides Management Updates|
As a result of the Western Catarina Midstream Transaction, the Partnership's management intends to recommend that the board of directors of its general partner approve a plan to begin distributions at an initial annualized rate of
"We see exciting times ahead for the Partnership," said
In conjunction with the Western Catarina Midstream Transaction, the Partnership completed its previously announced sale of Class B Preferred Units to
"We are very pleased with the strong support received in conjunction with the Partnership's financing of the Western Catarina Midstream Transaction," added Mr. Willinger. "With bank commitments that exceeded our expectations, the amended credit facility and larger bank group provides the borrowing capacity, hedge capabilities, and bank support needed to quickly respond to the opportunities we see in the marketplace. We look forward to working with our bank group as we grow the Partnership over time."
In connection with the issuance of the Class B Preferred Units, Stonepeak has received two seats on the board of directors of SPP's general partner and has appointed
Mr. Taylor is a Senior Managing Director with Stonepeak. He has been investing in infrastructure for over 14 years, sits on the board of
Mr. Howell is a Principal with Stonepeak. Prior to joining Stonepeak, he covered the oil and gas sector for
Additional information on the Western Catarina Midstream Transaction and related financing can be found in SPP's filings with the
About the Partnership
This press release contains, and the officers and representatives of the Partnership and its general partner may from time to time make, statements that are considered forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our: business strategy; acquisition strategy; financial strategy; anticipated effects of transactions; timing or ability to make, maintain and grow distributions; drilling locations; oil, natural gas and natural gas liquids reserves; realized oil, natural gas and natural gas liquids prices; production volumes; lease operating expenses, general and administrative expenses and development costs; future operating results; and plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology.
The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our