Rose Rock Midstream To Buy Remaining Crude Oil Assets Of SemGroup

(RTTNews) - Rose Rock Midstream, L.P. (RRMS) said Monday that it has entered into an agreement to acquire the remaining crude oil assets of SemGroup Corp. (SEMG), which include the Wattenberg Oil Trunkline System and SemGroup's 50% interest in the Glass Mountain Pipeline, for a purchase price of $325 million consisting of cash and 1.75 million Rose Rock Midstream common LP units.

Rose Rock expects the acquisition to close in the first quarter of 2015.

The Glass Mountain Pipeline is a 210-mile crude oil pipeline system that comprises two lateral pipelines originating in the Granite Wash and Mississippi Lime Plays. The two pipelines, which have a current capacity of 140,000 barrels per day, join and then terminate in Cushing, OK.

The Wattenberg Oil Trunkline System is a 75-mile crude oil pipeline in the DJ Basin, which transports production from Noble Energy to the White Cliffs Pipeline. The Wattenberg Oil Trunkline System includes a 38-mile extension that came online February 1, 2015.