TULSA, Okla., Aug. 15, 2014 (GLOBE NEWSWIRE) -- White Cliffs Pipeline, L.L.C. ("WCPL"), a partially owned subsidiary of Rose Rock Midstream (NYSE:RRMS), is soliciting binding contracts for 40,000 barrels per day ("bpd") of priority service on existing pipeline capacity. WCPL recently expanded its capacity by approximately 80,000 bpd to transport crude oil from its origination station near Platteville, Colorado to the destination in Cushing, Oklahoma. WCPL previously held an open season for its expansion and is now holding an additional open season for the remaining expansion capacity to provide all potential and existing shippers another opportunity to receive priority service in exchange for long-term minimum volume commitments.
Open Season Process
Potential shippers that desire to receive copies of the open season documents, including the throughput and deficiency agreement (the "T&D Agreement"), should contact Scott Sitter, Director of Business Development, at 720-390-8697, or at ssitter@semgroupcorp.com.
The open season will begin today and close at 5:00 P.M. CDT on September 5, 2014, by which time the T&D Agreement must be executed and returned.
About White Cliffs Pipeline
White Cliffs Pipeline®, L.L.C. owns two 12-inch common carrier pipelines that carry crude oil 526-miles, originating in Platteville, CO, northeast of Denver, and terminating at Rose Rock Midstream's storage facility in Cushing, OK. Currently, White Cliffs Pipeline is the only pipeline that directly moves crude oil out of the DJ Basin to the Cushing market and ultimately to refiners in the Mid-Continent area. White Cliffs Pipeline is operated and partially owned by Rose Rock Midstream, L.P. Partial ownership is also held by Samedan Pipe Line Corporation ("Noble Energy"); Anadarko Wattenberg Company, LLC, a subsidiary of Western Gas Partners, LP ("AWC"); and Plains Pipeline, L.P.
About Rose Rock Midstream
Rose Rock Midstream®, L.P. (NYSE:RRMS) is a growth-oriented Delaware limited partnership formed by SemGroup® Corporation (NYSE:SEMG) to own, operate, develop and acquire a diversified portfolio of midstream energy assets. Headquartered in Tulsa, OK, Rose Rock Midstream provides crude oil gathering, transportation, storage and marketing services with the majority of its assets strategically located in or connected to the Cushing, Oklahoma crude oil marketing hub.
Forward-Looking Statements
Certain matters contained in this Press Release include "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. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this Press Release including the timing and capacity of the Expansion Project, management's plans and objectives for the Expansion Project, business prospects, outcome of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, regulatory approvals; environmental risks; changes in demand for crude oil; loss of market share and industry competition; potential delays and cost overruns; the risk of finalizing the T&D Agreements; the ability to access sufficient capital from internal and external sources; as well as other risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.