MarkWest Hydrocarbon Announces Closing of the Sale of Its Wholly Owned Subsidiary, MarkWest Resources Canada
03 Dicembre 2003 - 1:03AM
PR Newswire (US)
MarkWest Hydrocarbon Announces Closing of the Sale of Its Wholly
Owned Subsidiary, MarkWest Resources Canada DENVER, Dec. 2
/PRNewswire-FirstCall/ -- MarkWest Hydrocarbon, Inc. , today
announced it closed the sale of its wholly owned subsidiary,
MarkWest Resources Canada Corp., to Advantage Energy Income Fund
for CDN $102.5 million less debt and other liabilities assumed by
Advantage. MarkWest previously announced on November 12, 2003, that
it had entered into a Purchase and Sale Agreement with Advantage
Energy Income Fund for sale of the subsidiary. MarkWest Hydrocarbon
also announced it has entered into an agreement to sell its
subsidiary, MarkWest Canadian Midstream Services Inc. for CDN $2.6
million. Upon closing of the sale of this subsidiary, MarkWest
Hydrocarbon will no longer own any Canadian oil and gas properties.
MarkWest Hydrocarbon, Inc. (AMEX:MWP), operates in two business
segments: exploration and production of natural gas, and midstream
services. The exploration and production segment produces natural
gas in Alberta, Canada, and in Michigan. In the midstream services
segment, which is principally conducted through our 43.6
percent-owned affiliate, MarkWest Energy Partners, L.P. (AMEX:MWE),
we gather natural gas from the wellhead and process the natural gas
to remove impurities and the valuable natural gas liquids (NGLs).
MarkWest Hydrocarbon markets the NGLs. This press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included or incorporated herein
may constitute forward-looking statements. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we can give no assurance that such expectations will
prove to be correct. The forward-looking statements involve risks
and uncertainties that affect our operations, financial performance
and other factors as discussed in our filings with the Securities
and Exchange Commission. Among the factors that could cause results
to differ materially are those risks discussed in our Form 10-K for
the year ended December 31, 2002, and our SEC filings for 2003.
DATASOURCE: MarkWest Hydrocarbon, Inc. CONTACT: John Fox, CEO, or
Frank Semple, President, or Donald Heppermann, Exec. VP and CFO,
all of MarkWest Hydrocarbon, Inc., +1-800-730-8388, or
+1-303-290-8700, or fax, +1-303-290-8769, Web site:
http://www.markwest.com/
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