No anticipated impact to BKEP

OKLAHOMA CITY--(BUSINESS WIRE)-- Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”) (Nasdaq: BKEP)(Nasdaq: BKEPP) today announced that revisions by the Federal Energy Regulatory Commission (“FERC”) regarding its 2005 policy for recovery of income taxes are not expected to have an impact to the earnings and cash flow of BKEP. The FERC announced today that it would revise its 2005 Policy Statement for Recovery of Income Tax costs so that it no longer will allow interstate pipelines owned by master limited partnerships to recover an income tax allowance in the cost of service.

BKEP does not own any interstate pipelines. BKEP’s owned pipelines are intrastate only and its tariffs are regulated by state agencies, not federal, as such, BKEP does not anticipate any impact to its tariffs.

About Blueknight Energy Partners, L.P.

BKEP owns and operates a diversified portfolio of complementary midstream energy assets consisting of:

• 10.3 million barrels of liquid asphalt storage located at 56 terminals in 26 states;
• 6.9 million barrels of above-ground crude oil terminalling facilities located primarily in Oklahoma, approximately 6.6 million barrels of which are located at the Cushing Interchange in Cushing, Oklahoma;
• 655 miles of crude oil pipeline located primarily in Oklahoma and Texas; and
• 150 crude oil transportation and oilfield services vehicles deployed in Kansas, Oklahoma and Texas.

BKEP provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. BKEP is headquartered in Oklahoma City, Oklahoma. For more information, visit the Partnership’s web site at www.bkep.com.

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BKEP

Investor Relations, 918-237-4032

[email protected]

or

Media Contact:

Brent Gooden, 405-715-3232 or 405-818-1900

Source: Blueknight Energy Partners, L.P.

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