HOUSTON, Oct. 13, 2014 (GLOBE NEWSWIRE) -- NuDevco Midstream Development, LLC ("NMD"), sponsor of Marlin Midstream Partners, LP (Nasdaq:FISH), a Delaware limited partnership, today announced that it has purchased land in Eunice, New Mexico to develop a crude oil terminalling site. Financial terms of the transaction were not disclosed.
The newly acquired New Mexico land includes rail spurs and truck siting. The site is currently being constructed to accommodate additional rail space and tank storage. Located in Lea County, New Mexico, the site targets the western Permian Basin which encompasses the western part of Texas and the southeastern part of New Mexico. In addition to the land acquired in this transaction, NMD has continued to purchase assets in the crude oil value chain including rail cars, crude oil trucks, stabilizer tower units, and storage tanks.
W. Keith Maxwell III, Chairman and CEO of NMD and Marlin, commented, "We are pleased to announce the addition of these new assets in New Mexico, targeting the western Permian Basin's increasing demand for crude oil storage and transportation services. We plan on developing these new land assets over the next year as potential dropdown opportunities to Marlin."
NuDevco Partners, LLC ("NuDevco"), is the sponsor of Marlin Midstream Partners, LP ("Marlin") and owns NuDevco Midstream Development, LLC. NuDevco is wholly owned by W. Keith Maxwell III, Chairman and CEO of Marlin. NuDevco Midstream Development's primary strategy is to purchase and develop midstream natural gas and crude oil logistics assets.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that NMD or Marlin expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Marlin's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither NMD nor Marlin intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: NuDevco Midstream Development, LLC Todd Gibson, Chief Financial Officer (713) 977-5633
Source:Marlin Midstream Partners, LP