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U.S. shale systems fetch $400 million

June 6, 2013 at 7:34 AM   |   Comments

DALLAS, June 6 (UPI) -- More than $400 million was paid for the acquisition of assets in the Marcellus reserve and Bakken formation in North Dakota, a Texas energy company said.

Summit Midstream Partners LP, which has headquarters in Dallas, announced it paid $250 million for a pipeline in the Bakken region to parent company, Summit Midstream Partners LLC, and $210 million for Marcellus assets from Markwest Energy Partners.

The company's acquisition in North Dakota includes about 300 miles of pipeline that can transport about 20 million cubic feet of natural gas per day. An expansion of new pumping systems could increase that level to 30 million cubic feet per day by the end of the year.

The Marcellus transaction is for more than 40 miles of pipeline in West Virginia. A complex there can deliver more than 400 million cubic feet of natural gas.

Summit President Steve Newby said Wednesday the Bakken and Marcellus areas are "two of the most prolific unconventional resource basins in North America."

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