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Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that it intends to launch a rights offering, pursuant to which it will distribute detachable freely-tradable rights (each a “Right” and collectively the “Rights”) pro rata to common unitholders of record (“Record Date Unitholders”) as of the close of business on September 27, 2011 (the “Record Date”). Record Date Unitholders will receive 0.5412 Rights for every common unit owned on the Record Date. Each whole Right will entitle the holder to acquire, for an exercise price of $6.50, a newly-issued Series A Preferred Unit of the Partnership.
The Partnership intends to distribute the Rights to the Record Date Unitholders on October 3, 2011. We have applied to list the Rights on the NASDAQ Global Market. The Rights are expected to trade during the month of October 2011 until the close of the NASDAQ Global Market on October 31, 2011, the expiration date of the Rights.
The Partnership has filed a registration statement on Form S-3 with the Securities and Exchange Commission that registers the Series A Preferred Units underlying the Rights and the common units into which the Series A Preferred Units are convertible. The registration statement was declared effective on July 26, 2011.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.