Enogex Completes Sale of Kinta Area Gas Gathering Assets
OKLAHOMA CITY, May 1 /PRNewswire-FirstCall/ -- OGE Energy Corp. (NYSE: OGE) today announced a subsidiary of its natural gas pipeline company, Enogex Inc., has completed the sale of gas gathering assets in the Kinta, Okla., area to a subsidiary of Hiland Partners, L.P. (Nasdaq: HLND).
After closing the transaction today, ownership of approximately 568 miles of gas gathering pipeline and 23 compressor units with current volumes of approximately 145 million cubic feet per day, all in eastern Oklahoma, is transferred from Enogex Gas Gathering LLC to Hiland.
The sale price was approximately $93 million resulting in an after-tax book gain of approximately $34 million. Announced March 30, the sale has met all closing conditions and regulatory reviews.
The Enogex companies are engaged in natural gas gathering, processing, transportation, storage and marketing. OGE Energy is the parent of Enogex Inc. and also the parent of Oklahoma Gas and Electric Company, a regulated electric utility with approximately 750,000 customers in a service area spanning 30,000 square miles in Oklahoma and western Arkansas.
SOURCE OGE Energy Corp.
-0- 05/01/2006
/CONTACT: Brian Alford, +1-405-553-3187, or financial, Todd Tidwell,
+1-405-553-3966, both of OGE Energy Corp./
/Web site: http://www.oge.com /
(OGE HLND)
CO: OGE Energy Corp.; Hiland Partners, L.P.; Enogex Inc.; Enogex Gas
Gathering LLC
ST: Oklahoma
IN: OIL UTI
SU: TNM
AW-CJ
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0297 05/01/2006 16:34 EDT http://www.prnewswire.com