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LEVIATHAN GAS PIPELINE PARTNERS, L.P. ENTERS INTO AGREEMENT IN PRINCIPLE TO ACQUIRE TARPON TRANSMISSION COMPANY

 HOUSTON, March 8 /PRNewswire/ -- Leviathan Gas Pipeline Partners, L.P. (NYSE: LEV) today announced that it had entered into a letter of intent to acquire Tarpon Transmission Company for $6,000,000 in cash, subject to certain post closing working capital adjustments. Tarpon owns and operates an interstate gas transmission facility consisting of 40.4 miles of offshore pipeline originating in Block 380, Eugene Island Area, South Addition, and terminating at Block 274, Ship Shoal Area, South Addition, all offshore Louisiana. Tarpon provides transportation only services for gas producers, marketers and pipelines.
 Thomas P. Tatham, chairman and chief executive officer of Leviathan, stated that acquisition of Tarpon "should provide additional revenues to Leviathan of approximately $1.5 million per year initially, and in addition, provide a very low cost method of expanding the throughput capacity and redelivery capability of Leviathan's existing Green Canyon system.
 "We expect that we will be capacity constrained on our Green Canyon system by the end of 1994 and by simply interconnecting Tarpon and Green Canyon we can increase Green Canyon's redelivery capacity approximately 50 percent as well as provide shippers on both systems with alternative market outlets," Tatham said.
 The acquisition is expected to close April 1, 1993 and is subject to the execution of a definitive agreement and customary closing conditions.
 Leviathan Gas Pipeline Partners, L.P. was formed to acquire, own, and manage offshore natural gas pipeline systems and certain related assets. The Partnership has interests in five fully operational natural gas pipelines located offshore Louisiana and Eastern Texas and is currently constructing a sixth system.
 -0- 3/8/93
 /CONTACT: Thomas P. Tatham, chairman and chief executive officer of Leviathan Gas Pipeline Partners, L.P., 713-224-7400/
 (LEV)


CO: Leviathan Gas Pipeline Partners, L.P.; Tarpon Transmission Company ST: Texas IN: OIL SU:

LD -- NY093 -- 4247 03/08/93 17:42 EST
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Publication:PR Newswire
Date:Mar 8, 1993
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