This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Blueknight Announces North Extension To The Pecos River Pipeline And Open Season

Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (NASDAQ: BKEPP) (“BKEP” or the “Partnership”), a midstream energy company providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, announced today it will launch an open season on March 4, 2013 to solicit shipper commitments to transport crude oil from southern New Mexico to Crane, Texas. Interested customers must submit binding commitments by April 12, 2013.

Southeastern New Mexico and Culberson and Reeves Counties in Texas represent emerging crude oil production areas that are underserved by pipeline capacity. The proposed 95 mile extension will connect to BKEP’s previously announced Pecos River Pipeline, which is expected to commence operation in the second quarter of 2013, and will provide shippers access to the Gulf Coast and Midland markets. Depending on the strength of response from producers and shippers to the open season, the north extension’s crude transportation capacity could reach up to 100,000 barrels per day and would be in service by the first quarter of 2015.

BKEP entered into an agreement with Advantage Pipeline, L.L.C. (“Advantage”) to acquire approximately 30% ownership in a 70 mile crude oil pipeline to be constructed between Pecos and Crane, Texas. The Pecos River Pipeline will enable west Texas producers to deliver crude oil to Gulf Coast markets through a pipeline connection at Crane, Texas. BKEP will operate the pipeline under a long-term agreement with Advantage.

“The Pecos River Pipeline extension establishes a critical link to the attractive Gulf Coast market hubs for producers and shippers actively drilling in the area,” commented Mark Hurley, BKEP’s chief executive officer. “The proposed 95 mile extension will afford shippers and producers in the rapidly developing production area of New Mexico and around Pecos, Texas a similar opportunity to efficiently and affordably move their crude to markets where they can optimize the price.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs