Second graph, fourth sentence of release should read: Each company has invested approximately $10.2 million as of March 31, 2012, for construction of the first segment of the project. (sted Each company has invested approximately [$12] million for construction of the first segment of the project.)
The corrected release reads:
MORE THAN 2,000 TRUCK TRIPS ALREADY REMOVED FROM PA ROADWAYS AS NEW 18-MILE WATER PIPELINE SUPPLIES SHALE DRILL SITES
Aqua America and PVR Partners joint venture already a “win-win;” alleviating traffic in local communities, benefitting residents and Marcellus operating companies
Aqua America Inc. (NYSE:
) and Penn Virginia Resource Partners, L.P. (NYSE:
) ("PVR") today announced that a newly constructed private pipeline supplying fresh water to certain natural gas producers drilling in the Marcellus Shale in north-central Pennsylvania is now fully operational. It marks the first time water is being commercially supplied directly to drill sites in the Marcellus Shale without the public-highway use of heavy-weight 5,400-gallon tanker trucks customarily employed in well completions. In less than a month of operation, the pipeline has already eliminated more than 2,000 water truck trips over rural roadways. In addition, this project supported the creation of approximately 100 local jobs over the course of construction.
The pipeline project is owned and operated by Aqua — PVR Water Services, LLC, a joint venture of certain Aqua America and PVR operating subsidiaries. The 12-inch diameter steel pipeline largely parallels the trunkline of PVR's gathering system in Lycoming County and shares PVR's existing rights-of-way. PVR constructed the fresh water pipeline and handled negotiation of water pipeline capacity contracts with producers. Each company has invested approximately $10.2 million as of March 31, 2012, for construction of the first segment of the project. The joint venture has entered into a three-year agreement with Range Resources - Appalachia, LLC, a wholly owned subsidiary of Range Resources Corporation (NYSE:
), to supply fresh water to three of Range's water impoundments.
William H. Shea, Jr., Chief Executive Officer of PVR, said, “We are pleased to see the start of service of the first phase of this new private pipeline water delivery system that so tangibly benefits both the residents and the contracting producers in the local communities where we operate. We look forward to completing the planned extensions of the pipeline and the expansion of service to additional producers in the region.”