CorEnergy Infrastructure Trust to Acquire Liquids Gathering System from Ultra Petroleum for $225M Cash

CorEnergy Infrastructure Trust CORR today announced that it has entered into a definitive agreement to acquire a Liquids Gathering System (“LGS”) from Ultra Petroleum Corp. UPL for $225 million in cash. The LGS will continue to be operated by UPL under a long-term triple net lease. Located in the Pinedale field in Wyoming, the LGS is a vital component of natural gas production in one of the top five natural gas fields in the U.S. Prudential Capital Group, through its Dallas-based Energy Finance Group, will contribute $30 million as a co-investor in the acquisition and CorEnergy will contribute $130 million. The remainder of the acquisition cost will be financed with $65 million of non-recourse debt. See full press release