American Midstream Launches Open Season for Bakken Crude Oil Gathering System in McKenzie County, North Dakota
American Midstream Partners, LP (NYSE:AMID) (the “Partnership”) announced today that American Midstream Bakken, LLC, a wholly-owned subsidiary of the Partnership, is conducting a binding open season for a proposed approximately 50-mile Bakken crude oil gathering and transportation system in the core of McKenzie County, North Dakota (the “Bakken System”) to transport up to 40,000 barrels per day (Bbl/d) of crude oil for delivery to major intrastate and interstate pipeline systems beginning in June 2015. As proposed, the Bakken System will have initial transportation capacity up to approximately 15,000 Bbl/d with the ability to expand up to approximately 40,000 Bbl/d.
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During the binding open season, potential shippers have the opportunity to obtain crude oil transportation service on the Bakken System on a committed or uncommitted basis at various tier-based rates according to volumes transported. Parties interested in becoming Committed Shippers can do so by making long-term acreage or volumetric dedications for crude oil gathering and transportation service on the Bakken System. The open season will also provide potential shippers with the opportunity to deliver volumes into the system via a truck rack. The open season will last approximately 30 days, closing on June 22, 2015.
Bona fide potential shippers that would like to receive copies of the open season documents and proposed tariff(s) must first sign a confidentiality agreement. During the binding open season, comments, questions, or changes to the general terms and conditions of the proposed tariffs, services and/or routes are due in writing by noon Central Time on June 22, 2015. Interested parties will have the opportunity to execute committed agreements for crude oil transportation service on the proposed gathering pipeline system.
For more information about the open season, or to obtain copies of the open season documents and proposed tariff(s), please contact Rod Donovan, Vice President of Business Development at email@example.com or (713) 815-3970.
About American Midstream Partners, LP
Denver-based American Midstream Partners, LP is a growth-oriented limited partnership formed to own, operate, develop and acquire a diversified portfolio of midstream energy assets. The Partnership provides midstream services in the Texas, North Dakota, and the Gulf Coast and Southeast regions of the United States. For more information about American Midstream Partners, LP, visit www.americanmidstream.com.
This press release includes forward-looking statements. These statements relate to, among other things, projections of operational volumetrics and improvements, growth projects, cash flows and capital expenditures. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” “potential,” and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Our operations and future growth involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors which are described in greater detail in our filings with the SEC. The completion of the Bakken System in this press release is subject to land acquisition needs and other conditions beyond our control. Construction of the projects described in this press release is subject to risks beyond our control including cost overruns and delays resulting from numerous factors. In addition, we face risks associated with completion of this project including decreased liquidity, increased interest and other expenses, assumption of potential liabilities, diversion of management’s attention, and other risks associated with construction and growth. Please see our Risk Factor disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 10, 2015 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed on May 11, 2015. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update any information contained herein or to publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this press release.
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