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TheStreet Open House

Cardinal Gas Storage Partners To Construct New Natural Gas Storage Facility Near The Perryville/Delhi Hub

Stocks in this article: MMLP





HOUSTON, Dec. 8, 2011 /PRNewswire/ -- Cardinal Gas Storage Partners LLC announced today that its wholly-owned interstate natural gas storage subsidiary, Cadeville Gas Storage LLC (Cadeville), has executed a ten (10) year Precedent Agreement with Shell Energy North America (US), L.P. (Shell Energy) for Cadeville to construct a depleted reservoir storage facility in Ouachita Parish, LA near the Perryville/Delhi Hub in northeast Louisiana.  The storage facility is expected to be in service in 2013 and is designed to have approximately 17.0 BCF of working gas capacity. 

"We are pleased to announce that Cadeville has reached an agreement with Shell Energy to anchor this project.  This further demonstrates the need for additional natural gas storage capacity in strategic locations, such as North Louisiana, especially in and around the Haynesville Shale to Perryville corridor," said Jeff Ballew, President and CEO of Cardinal.  "When combined with our Perryville Gas Storage salt dome project under construction near Delhi, LA, Cardinal is positioned to provide the perfect complement of storage services for shippers in and around the Perryville/Delhi Hub."

"Recent advances in technology have allowed producers, including Shell, to unlock gas previously considered inaccessible, resulting in an abundant supply of domestic natural gas," said Frans Everts, president of Shell Energy.  "That abundant supply has triggered renewed interest in natural gas from a variety of industries, including power generation, commercial and manufacturing sectors.  Cadeville's strategic location will enhance Shell Energy's ability to provide attractive supply options to customers located east of the Rockies."

Cardinal is a joint venture between Redbird Gas Storage LLC ("Redbird") and funds controlled by Energy Capital Partners, LLC ("ECP"). Since its inception in 2008, Cardinal has been focused on the development, construction, operation and management of natural gas storage facilities throughout North America. Cardinal also owns Perryville Gas Storage LLC, Arcadia Gas Storage LLC and Monroe Gas Storage Company LLC and is in the process of developing additional natural gas storage infrastructure in North America. For more information, visit www.cardinalgs.com.



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