HOUSTON, Aug. 23, 2013 (GLOBE NEWSWIRE) -- NuDevco Midstream Development, LLC ("NMD"), sponsor of Marlin Midstream Partners, LP (Nasdaq:FISH), a Delaware limited partnership, today announced that it has entered into an agreement to purchase a 28-acre industrial site near Albuquerque, New Mexico. Financial terms of the transaction were not disclosed.
The industrial site to be acquired includes rail access and room for crude oil storage tanks and multiple transloaders. Located in Bernalillo County, New Mexico, the site targets the San Juan Basin encompassing approximately 4,600 square miles across northwestern New Mexico, southwest Colorado, and parts of Arizona and Utah. Currently, NMD owns eight transloaders ready to be deployed. It is expected that once fully developed and commercially viable, the transloading and storage facilities will eventually be available to be dropped down to Marlin.
W. Keith Maxwell III, Chairman and CEO of NMD and Marlin, commented, "San Juan is an underserved crude oil region with tremendous demand for value-added midstream services, especially crude transloading and storage services. These strategically located land assets in New Mexico offer a direct line of sight for Marlin to potentially lucrative dropdown opportunities from our sponsor that will drive the growth of the business."
The transaction is expected to close during the fourth quarter of 2013.
About NuDevco
NuDevco Partners, LLC ("NuDevco"), is the sponsor of Marlin Midstream Partners, LP ("Marlin") and owns NuDevco Midstream Development, LLC. NuDevco is wholly owned by W. Keith Maxwell III, Chairman and CEO of Marlin. NuDevco Midstream Development's primary strategy is to purchase and develop midstream natural gas and crude oil logistics assets.
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that NMD or Marlin expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Marlin's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither NMD nor Marlin intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.