Crestwood Midstream Responds to Quicksilver Bankruptcy Filing

HOUSTON--(BUSINESS WIRE)-- Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood”) announced today Quicksilver Resources Inc. (“Quicksilver”), a gathering and processing customer in the Barnett Shale, has filed for protection under Chapter 11 of the U.S. Bankruptcy code. As announced previously, Crestwood has been preparing for this event for some time and expects to actively participate in the bankruptcy proceedings. Crestwood’s gathering and processing systems are integral to Quicksilver’s Barnett Shale operations, as a substantial amount of their revenues are derived from the sale of natural gas and natural gas liquids produced from acreage dedicated to Crestwood.

Quicksilver is current on all outstanding invoices received from Crestwood. Crestwood estimates that approximately $2.2 million of pre-petition services were not yet invoiced at the time of filing, and Crestwood expects to receive payment for those services. Additionally, Crestwood plans to continue providing services to Quicksilver in accordance with existing agreements, and expects to receive payment for those services in a timely manner as well.

Crestwood supports Quicksilver’s efforts to restructure its balance sheet and will continue to cooperate in the restructuring process. Weil, Gotshal & Manges LLP has been retained to represent Crestwood in these proceedings.

About Crestwood Midstream Partners LP

Houston, Texas, based Crestwood Midstream Partners LP (NYSE: CMLP) is a master limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States. Crestwood Midstream is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation and terminalling of NGLs; and gathering, storage, terminalling and marketing of crude oil.

Forward-Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.

Crestwood Midstream Partners LP
Investor Contact
Josh Wannarka, 713-380-3081
Vice President, Investor Relations
[email protected]

Source: Crestwood Midstream Partners LP

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