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Atlas Pipeline raising cash: Company sells Ozark Gas, joins Williams Cos. in venture

Posted on: Thu, 09 Apr 2009 05:34:00 EDT

Symbols: WMB, APL, SEP

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Apr 09, 2009 (Tulsa World - McClatchy-Tribune Information Services via COMTEX) --
WMB | Quote | Chart | News | PowerRating -- Atlas Pipeline Partners LP has sold an interstate gathering and pipeline system that includes Tulsa-based Ozark Gas Transmission for $300 million, the company announced Wednesday.

Spectra Energy Partners LP should close on the deal to buy Noark Gas Pipeline LP in this quarter pending regulatory approval. The deal, when combined with a $100 million joint venture between Atlas and Williams Cos. Inc. announced last week, will help Atlas pay off about $400 million in debt, according to reports.

"We continue to work on other transactions, which should generate additional cash and further de-lever our company," Atlas CEO Gene Dubay said in a statement.

Atlas Pipeline Mid-Continent LLC, a Tulsa-based subsidiary of Atlas Pipeline Partners, held a majority interest in the Noark natural gas gathering and transmission system since 2005. Noark is parent company of Ozark Gas Transmission, a 565-mile pipeline from southeastern Oklahoma through Arkansas and into southeastern Missouri.

Ozark maintained a throughput capacity of 500 million cubic feet per day as of December.

Atlas Pipeline Mid-Continent employed about 100 people in Tulsa in December, but the parent company has struggled with debt issues and the fall in oil and gas prices. Atlas Pipeline Partners suffered a $456 million net loss in the fourth quarter, most of that due to an accounting write-down on the value of its commodity assets.

On April 1, Williams and Atlas announced a joint venture involving Atlas' existing gathering

system in the Appalachian region's Marcellus Shale. Williams, which is paying $102 million and issuing a $25 million note to help fund the joint venture, will own a majority interest in the 1,800-mile pipeline and gathering system.

Rod Walton 581-8457 rod.walton@tulsaworld.com

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For full details on Williams Companies Inc (WMB) WMB. Williams Companies Inc (WMB) has Short Term PowerRatings at TradingMarkets. Details on Williams Companies Inc (WMB) Short Term PowerRatings is available at This Link.

For full details on Atlas Pipeline Prtnrs Lp (APL) APL. Atlas Pipeline Prtnrs Lp (APL) has Short Term PowerRatings at TradingMarkets. Details on Atlas Pipeline Prtnrs Lp (APL) Short Term PowerRatings is available at This Link.

For full details on Spectra Energy Prtn Lp (SEP) SEP. Spectra Energy Prtn Lp (SEP) has Short Term PowerRatings at TradingMarkets. Details on Spectra Energy Prtn Lp (SEP) Short Term PowerRatings is available at This Link.

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