Summit Midstream Partners Announces Closing of Canyon Acquisition

Summit Midstream Partners announced today that it has closed the $207 million acquisition of ETC Canyon Pipeline, LLC ("Canyon") from La Grange Acquisition, L.P., a wholly-owned subsidiary of Energy Transfer Partners, L.P. Canyon gathers and processes natural gas in the Piceance and Uinta Basins in Colorado and Utah, primarily under long-term, fee-based agreements with more than 50 customers including WPX Energy, Noble, Black Hills, Laramie, Encana, ExxonMobil, and Antero. The gas gathering and processing system consists of more than 1,600 miles of pipe, 44,000 horsepower of compression, processing assets with a total capacity of 97 MMcf/d, and two NGL injection stations. The Canyon assets will be held in Red Rock Gathering Company, LLC ("Red Rock"), a wholly-owned subsidiary of Summit Investments, which also owns a gathering system in the Sand Wash Basin in northern Colorado that was acquired in the second quarter of 2012. Steve Newby, President and Chief Executive Officer of Summit Investments said, "We are excited about the addition of Canyon to Red Rock Gathering Company, LLC. Red Rock solidifies our position in the Rockies as a premier midstream operator and should allow the company to capture new business opportunities in the region. We are particularly excited that this acquisition provides the company with increased exposure to the liquid-rich parts of the Mancos and Niobrara Shale formations in the Piceance Basin, where Canyon and Summit Midstream Partners, LP, through its ownership of the Grand River natural gas gathering system, operate. Red Rock also provides Summit Investments with additional opportunities to capitalize on growth projects supporting traditional Mesaverde formation production and new production in the Uinta and Sand Wash Basins."