UGI Energy Services has completed its transaction with Stonehenge Energy Resources to purchase its Pennsylvania-based Midstream natural gas gathering system, Stonehenge Appalachia.
Stonehenge II will continue to own and operate its Stonehenge Laurel Gathering service in Appalachia with its JV Partner, Laurel Mountain Energy, as well as own and operate the Pine Run Midstream service.
“UGI Energy Services has become a valuable strategic partner for us in western Pennsylvania, and we are very pleased to close our second transaction with the company in less than 12 months,” said Patrick Redalen, CEO of Stonehenge II and Stonehenge III. “We are excited to continue working with UGIES on both current and future opportunities in the region.”
“We are excited to find a great operator for Stonehenge Appalachia in UGIES, a company which we believe shares a similar set of values, operating philosophy and commitment to serving the needs of the Appalachian Basin,” said Peter Augustini, partner at Energy Spectrum Capital. “We look forward to continuing to support Stonehenge as they capitalize on future compelling opportunities in the region.”
Baker Botts served as legal counsel to Stonehenge II.