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Cardinal Gas Storage acquires Monroe Gas Storage
1 June 2011: Cardinal Gas Storage Partners LLC has acquired Monroe Gas Storage Company, LLC as well as an option on development rights to an adjacent depleted natural gas reservoir from High Sierra Monroe, LLC, a wholly-owned subsidiary of High Sierra Energy, LP and certain other shareholders. The total consideration is approximately $148 million (approx Rs 666 crore).
Monroe is a FERC-regulated, high deliverability natural gas storage reservoir facility located in northeast Mississippi. The facility has been in operation since 2009 and has 12 billion cubic feet of working gas capacity currently in service. Subject to regulatory approval and market demand, the facility has expansion potential to add up to an additional 12 billion cubic feet of working gas capacity through expansion of the existing facility and development of the Option. Monroe currently has two pipeline interconnects through a separate east and west header system to Tennessee Gas Pipeline and Texas Eastern Pipeline.
Source: PR Newswire