HOUSTON, Jan. 15, 2015 (GLOBE NEWSWIRE) -- NuDevco Midstream Development, LLC ("NMD"), sponsor of Marlin Midstream Partners, LP (Nasdaq:FISH), a Delaware limited partnership, today announced that it has entered into definitive agreements for the sale of 100% of its general partner interest in Marlin Midstream GP, LLC, the general partner of Marlin Midstream Partners, LP, to Azure Midstream Energy, LLC for an undisclosed amount.
NuDevco Midstream Development will retain its current 10.7 million LP units and 10% of the incentive distribution rights in Marlin Midstream Partners. Post transaction, NMD will continue to develop assets throughout the crude oil value chain including transloaders, rail cars, trucks and storage tanks. NMD has several projects currently underway and will continue to build value for the future.
W. Keith Maxwell III, Chairman and CEO of NMD and Marlin, commented, "We are extremely pleased to announce our new partnership with Azure Midstream. We believe that this combination creates an extremely compelling story for Marlin with the growing backlog of dropdown opportunities in both the logistics and midstream segments."
The transaction between Marlin Midstream and Azure Midstream is subject to customary closing conditions, lender approvals, and obtaining necessary financing.
About NuDevco
NuDevco Partners, LLC ("NuDevco"), is the sponsor of Marlin Midstream Partners, LP ("Marlin") and owns NuDevco Midstream Development, LLC. NuDevco is wholly owned by W. Keith Maxwell III, Chairman and CEO of Marlin. NuDevco Midstream Development's primary strategy is to purchase and develop midstream natural gas and crude oil logistics assets.
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that NMD or Marlin expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Marlin's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither NMD nor Marlin intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.