Press Releases
StageCoach Gas Storage Facility
July 11, 2005 Houston, Tx. eCORP and Other Selling Members Have Announced the Sale of Stagecoach Natural Gas Storage Facility
HOUSTON, July 11 /PRNewswire/ -- eCORP, LLC, ("eCORP") a private energy company based in Houston, Texas, today announced the execution of an agreement to sell its interests, together with the other member owners, in the Stagecoach Natural Gas Storage Facility located in Tioga County, New York to Inergy, L.P. ("Inergy"). The Stagecoach Facility is a state-of-the-art, high performance natural gas storage facility that is owned and operated by Central New York Oil and Gas Company, LLC, an affiliate of eCORP and the other sellers. The facility was placed into service in June of 2002, and since such time has been used to meet the growing demand for natural gas in the Northeast United States. Stagecoach has proven to be a very important asset in helping the natural gas industry meet peak, winter day demands for natural gas throughout the region.
Under terms of the purchase and sale agreement, Inergy will pay approximately $205 million for the existing Stagecoach facility, plus an additional $25 million for the Phase II expansion rights and assets. Closing of the transaction is expected to occur in early August.
"The Stagecoach project has been a very successful project for eCORP," says John C. Thrash, Chairman of eCORP. "We have enjoyed tremendous support from our customers, for which we are very grateful. We have also enjoyed our relationship with the citizens and leadership of the local community. We believe that Inergy will continue to provide the high standard of service that the market has come to receive from Stagecoach. We hope to continue to be involved with Stagecoach through future utilization of storage capacity at Stagecoach."
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