Atlas Pipeline Partners, L.P. Closes Acquisition of Kingston Oil Corporation's Gas Gathering System.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Jan. 8, 2001 Atlas Pipeline Partners L.P. (AMEX AMEX See: American Stock Exchange :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. ) (the "Partnership") announces that, on January 5, 2001, it closed the acquisition of the gas gathering system of Kingston Oil Corporation located in southeastern Ohio ("the System") for $2.75 million in total consideration, consisting of $1.25 million in cash and 88,235 common units of the Partnership. The System consists of approximately 100 miles of pipeline with 1.7 million cubic feet of natural gas throughput per day from more than 240 natural gas wells currently connected to the System. Partnership management expects that, based on existing gas throughput and anticipated new volumes, this acquisition will be immediately accretive to the Partnership's earnings. In a separate transaction, Atlas America, Inc., an affiliate of the General Partner of the Partnership, on January 5, 2001 closed its acquisition of Kingston Oil Corporation's Ohio producing oil and gas assets and mineral rights. Atlas Pipeline Partners, L.P. now owns and operates more than 1000 miles of natural gas gathering pipelines in western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. , western New York
Western New York refers to the westernmost region of New York State. and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 3,300 wells that are currently connected to its system. Statements made in this release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic cli·mac·tic also cli·mac·ti·cal adj. Relating to or constituting a climax. cli·mac  ti·cal·ly adv.Adj. 1. conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry. |
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