HOUSTON, Nov. 02, 2016 (GLOBE NEWSWIRE) -- PennTex Midstream Partners, LP (NASDAQ:PTXP) (the "Partnership") announced today the completion of the transactions pursuant to the previously announced Contribution Agreement among Energy Transfer Partners, L.P. ("ETP"), PennTex Midstream Partners, LLC ("PennTex Development") and the other contributors party thereto. Following the completion of such transactions, effective November 1, 2016, the Partnership is a wholly owned subsidiary of ETP and ETP owns and controls the general partner of the Partnership. In addition, ETP owns 100% of the Partnership's incentive distribution rights and approximately 65% of the outstanding limited partner interests in the Partnership. ETP Appoints New Directors; Retains Independent Directors In connection with the closing of the transactions, Thomas F. Karam, Christopher G. Carter, Cameron J. Dunn, David W. Hayes and Christopher D. Ray resigned from the board of directors (the "Board") of the general partner, effective November 1, 2016, and ETP appointed four officers of ETP or its affiliates to serve on the Board. The Board's independent directors, consisting of Ambassador Robert Jordan, David C. Lawler and Richard S. Walker remain on the Board and continue to serve on the Audit Committee of the Board. ETP Appoints New Officers; Retains Certain Officers In connection with the closing of the transactions, Thomas F. Karam, Robert O. Bond, Steven R. Jones, Michael J. Moran, Larry Thomas Stone, Chris E. Staffel and Andrejka Bernatova resigned as officers of the general partner, effective November 1, 2016, and ETP appointed new officers of the general partner, including the following: Kelcy L. Warren, Chief Executive Officer (Principal Executive Officer) Matthew S. Ramsey, President & Chief Operating Officer Thomas E. Long, Chief Financial Officer (Principal Financial Officer) ETP has retained Stephen M. Moore, Vice President, General Counsel and Secretary of the general partner, and Kenneth E. Hertel, Vice President, Controller and Chief Accounting Officer of the general partner, to continue to serve in such positions for a transitional period.