TULSA, Okla., June 5, 2014 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P. (NYSE:RRMS) today announced that it has executed a definitive agreement to acquire crude oil trucking assets from a subsidiary of Chesapeake Energy Corporation (NYSE:CHK). The transaction is expected to close during the second quarter of 2014 and is subject to customary closing conditions.
- Includes 124 trucks, 122 trailers and miscellaneous equipment operating in Texas, Oklahoma and Ohio;
- Approximately 200 employees; and
- Term transportation agreement at market rates with Chesapeake Energy Marketing, Inc., a wholly owned subsidiary of Chesapeake
Following the close of the acquisition, Rose Rock will operate a fleet of more than 250 trucks with approximately 350 employees, servicing the Bakken, DJ / Niobrara, Eagle Ford, Granite Wash, Mississippi Lime, Permian, San Juan and Utica plays.
"Crude oil trucking continues to be a crucial element of midstream infrastructure," said Carlin Conner chief executive officer of Rose Rock Midstream's general partner. "We anticipate this acquisition will be immediately accretive and synergistic to our existing field services business, while expanding our footprint and scale further into highly attractive areas."
About Rose Rock Midstream
Rose Rock Midstream®, L.P. (NYSE:RRMS) is a growth-oriented Delaware limited partnership formed by SemGroup® Corporation (NYSE:SEMG) to own, operate, develop and acquire a diversified portfolio of midstream energy assets. Headquartered in Tulsa, OK, Rose Rock Midstream provides crude oil gathering, transportation, storage and marketing services with the majority of its assets strategically located in or connected to the Cushing, Oklahoma crude oil marketing hub.
Certain matters contained in this Press Release include "forward-looking statements." All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
Source:Rose Rock Midstream