By Houston Business Journal

Enbridge Energy Partners LP announced Wednesday plans to acquire $682 million worth of gas gathering assets from Atlas Pipeline Partners LP.

Stretching from southwestern Oklahoma to the Texas panhandle, the Elk City Gathering and Processing System comprises 800 miles of pipeline, a hydrogen sulfide treating plant and three cryogenic processing plants, and should compliment Enbridgeâ¿¿s Anadarko system in the same area.

Moon Township, Pa.-based Atlas Pipelineâ¿¿s stock (NYSE: APL) gained more than a quarter of its value on the news. It was trading up 29 percent at $15.94 by mid-day after having reached a new high of $16.90 earlier in the day. Enbridgeâ¿¿s (NYSE: EEP) stock was down 1 percent at $56.96.

The acquisition is being made through Enbridge Pipelines LP, the Texas gathering arm of the company.

The announcement came one day after Enbridge said it had shut in a pipeline that had been leaking oil into a river in southern Michigan since Monday morning. Efforts have since been doubled to contain the oil spill, said to be the worst in the history of the Midwest.

Copyright 2010 American City Business Journals
Copyright 2010