Friday, November 16, 2012

Bakken Biz Briefs -- November 2012

11/15/2012 Targa Resources Partners LP announced today that it has agreed to acquire 100% of Saddle Butte Pipeline, LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations for cash consideration of $950 million, subject to customary purchase price adjustments and certain contingent payments. The transaction is expected to close during the fourth quarter of 2012, subject to customary regulatory approvals and closing conditions. More

11/13/2012 -- ONEOK Partners, L.P. today announced that it is holding an open season for its previously announced Bakken Natural Gas Liquids (NGL) Pipeline. The Bakken NGL Pipeline is an approximately 600-mile pipeline that will transport unfractionated NGLs from the Bakken Shale in the Williston Basin to an interconnection with the partnership's 50 percent-owned Overland Pass Pipeline in northern Colorado.  The Bakken NGL Pipeline is currently under construction and is expected to be in service during the first quarter of 2013.  Additionally, the partnership announced plans in July 2012 to expand the pipeline's capacity by installing additional pump stations. This expansion is expected to be completed in the third quarter of 2014. Read more

11/9/2012 -- Continental Resources, Inc. announced today it has entered into an agreement to acquire certain Bakken producing and undeveloped properties for $650 million. The property includes leasehold of approximately 120,000 net acres, primarily in Divide and Williams counties, North Dakota, and production of approximately 6,500 barrels of oil equivalent per day. Continental is currently the largest leaseholder in the Bakken, with 984,040 net acres as of September 30, 2012. If completed, the proposed acquisition will increase this total to 1.1 million net acres. Read more

11/5/2012 --Rangeland Energy, LLC  announced today that it has entered into a definitive agreement to sell the company to Inergy Midstream, L.P. for $425 million. Rangeland is the owner and operator of the COLT system, the largest open-access crude oil distribution hub in North Dakota. The COLT system includes a large crude oil rail loading terminal in Williams County, North Dakota, and related storage and pipeline assets. The transaction is expected to close in early December.  Read more

11/4/2012 -- During the conference call following its third quarter earnings announcement, Enbridge Energy Parners outlined plans to expand its pipeline network to better serve the Eastern North American markets that traditionally rely on foreign imports. A major part of this initiative is the company's proposed Sandpiper pipeline, which would run approximately 500 miles from the Beaver Lodge area in North Dakota (south of Tioga) to the main Enbridge terminal in Superior, Wisconsin. The Sandpiper, which the company announced in early October, would have a capacity of approximately 225,000 barrels per day and is expected to be operational no sooner than 2015. Enbridge also plans to expand its pipeline that currently runs between Superior and Sarnia, Ontario and to increase the capacity of pipelines now serving Chicago, Toledo, Ohio and Montreal.

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