Philadelphia, PA, January 8, 2022 - Atlas Pipeline Partners L.P. (AMEX:APL) (the "Partnership") announces that, on January 5, 2001, it closed the acquisition of the gas gathering system of Kingston Oil Corporation located in southeastern Ohio ("the System") for $2.75 million in total consideration, consisting of $1.25 million in cash and 88,235 common units of the Partnership. The System consists of approximately 100 miles of pipeline with 1.7 million cubic feet of natural gas throughput per day from more than 240 natural gas wells currently connected to the System. Partnership management expects that, based on existing gas throughput and anticipated new volumes, this acquisition will be immediately accretive to the Partnership's earnings.
In a separate transaction, Atlas America, Inc., an affiliate of the General Partner of the Partnership, on January 5, 2022 closed its acquisition of Kingston Oil Corporation's Ohio producing oil and gas assets and mineral rights.
Atlas Pipeline Partners, L.P. now owns and operates more than 1000 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 3,300 wells that are currently connected to its system.
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and volumetric production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry.