Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - Blueknight Energy Partners, L.P. | form8k.htm |
| EX-3..2 - EXHIBIT 3.2 - Blueknight Energy Partners, L.P. | exh3-2.htm |
| EX-3.1 - EXHIBIT 3.1 - Blueknight Energy Partners, L.P. | exh3-1.htm |
| EX-10.2 - EXHIBIT 10.2 - Blueknight Energy Partners, L.P. | exh10-2.htm |
| EX-10.1 - EXHIBIT 10.1 - Blueknight Energy Partners, L.P. | exh10-1.htm |
Exhibit
99.1
SGLP
Announces Close of Vitol Transaction and Reorganization of
Board
and Management Team
Tulsa,
Okla. – November 24, 2009: SemGroup Energy Partners, L.P. (“SGLP”) (Pink Sheets:
SGLP.PK) today announced that Vitol, Inc., part of the Vitol Group of companies
(“Vitol”), has completed its acquisition (the “Vitol Change of Control”) of the
membership interests of SemGroup Energy Partners G.P., L.L.C.,
SGLP’s general partner, and SGLP’s subordinated units from Manchester
Securities Corp., an affiliate of Elliott Management Corporation. In
connection with the Vitol Change of Control, the board of directors of SGLP’s
general partner (the “Board”) and the management team of SGLP’s general partner
were reorganized. Further, SemGroup, L.P., SGLP’s former parent, no
longer has any ownership interest in SGLP’s general partner, and, as previously
announced, SGLP will change its name to Blueknight Energy Partners, L.P.
effective December 1, 2009.
Mr.
Miguel A. (“Mike”) Loya, Vitol, Inc.’s President, stated, “We are pleased to
have completed our acquisition of SGLP’s general partner. This
acquisition is the culmination of the efforts of many individuals, both from
Vitol and SGLP, and we are grateful for these contributions. We look
forward to new opportunities with SGLP.”
Reorganization
of the Board
In
connection with the Vitol Change of Control, Messrs. Loya, Javed Ahmed,
Christopher G. Brown, James C. Dyer, IV, Steven M. Bradshaw and John
A. Shapiro were appointed to the Board. Messrs. Ahmed, Loya,
Dyer and Brown are affiliated with Vitol. Messrs. Bradshaw and
Shapiro will serve as independent members of the Board and will be members of
the Conflicts Committee, Audit Committee and Compensation Committee of the
Board. Mr. Bradshaw will chair the Conflicts Committee while Mr.
Shapiro will chair the Compensation Committee. Mr. Duke R. Ligon will
continue to serve on the Board and will remain as the Chairman of the Board, the
chair of the Audit Committee and a member of the Compensation Committee and the
Conflicts Committee of the Board. Messrs. Edward F. Kosnik, Gabriel
Hammond, David N. Bernfeld and Dave Miller have resigned from the Board
effective today.
Mr.
Bradshaw has over 30 years of experience in the global logistics and
transportation industry and currently serves as the Managing Director at Global
Logistics Solutions. Mr. Shapiro recently retired as an officer at Morgan
Stanley & Co. where he had served for more than 24 years in various
capacities, most recently as Global Head of Commodities.
Mr.
Ligon, Chairman of the Board of SGLP’s general partner, stated, “We are grateful
for the efforts of Ed Kosnik, Gabriel Hammond, David Bernfeld and Dave Miller in
helping to stabilize SGLP’s business during challenging times. Their
contributions will be missed. At the same time, we are excited for
the opportunity to continue to strengthen and rebuild SGLP’s operations with
Vitol as the owner of SGLP’s general partner. We are pleased to have
Steven Bradshaw and John Shapiro join as independent members of the
Board. They each have extensive experience that will be invaluable as
we continue to rebuild SGLP.”
Reorganization
of the Management Team
In
connection with the Vitol Change of Control, Mr. J. Michael Cockrell was
appointed as the President and Chief Operating Officer of SGLP’s general
partner. Mr. Cockrell has extensive experience in the crude oil
industry and prior to joining SGLP’s general partner served as Senior Vice
President, Commercial Upstream, of the general partner of TEPPCO Partners, L.P.
from February 2003 until November 2009. Previously he had served in
various positions with the general partner of TEPPCO Partners, L.P. including
serving as Vice President, Commercial Upstream. Mr. Ligon stated, “We
look forward to Michael’s leadership in directing SGLP’s
business. His knowledge of the industry and contacts with industry
partners will add great value to SGLP’s management team.”
In addition,
Messrs. Kevin L. Foxx and Michael J. Brochetti have informed SGLP that
they will be leaving the company to pursue other
opportunities. Messrs. Foxx and Brochetti are stepping down from
their current positions as President and Chief Executive Officer and Executive
Vice President—Corporate Development and Treasurer, respectively, but are
expected to remain as consultants to SGLP’s general partner until March 1, 2010
to facilitate an orderly transition. Mr. Ligon explained, “Kevin Foxx
and Mike Brochetti have led SGLP during a time of great challenge and worked to
rebuild value in SGLP. Their diligent efforts during the transition
of control to Vitol were instrumental in the successful conclusion announced
today. We wish them success in their future
opportunities.”
About
Vitol
Vitol
Inc. is the principal U.S. subsidiary of the Vitol Group. Vitol is
engaged in the global physical supply and distribution of crude oil, petroleum
products, coal, natural gas, and other commodities. Vitol was founded
in 1966, and is headquartered in the Netherlands. Vitol moves over 5 million
barrels of crude oil and petroleum products every day throughout the world,
charters more than 3000 ships annually and had annual revenues of $191 billion
in 2008.
About
SemGroup Energy Partners, L.P.
SGLP owns
and operates a diversified portfolio of complementary midstream energy assets
consisting of approximately 8.2 million barrels of crude oil storage located in
Oklahoma and Texas, approximately 6.7 million barrels of which are located at
the Cushing, Oklahoma interchange, approximately 1,150 miles of crude oil
pipeline located primarily in Oklahoma and Texas, over 200 crude oil
transportation and oilfield services vehicles deployed in Kansas, Colorado, New
Mexico, Oklahoma and Texas and approximately 7.4 million barrels of combined
asphalt and residual fuel storage located at 46 terminals in 23 states. SGLP
provides crude oil terminalling and storage services, crude oil gathering and
transportation services and asphalt services. SGLP is based in Tulsa,
Oklahoma. Effective December 1, 2009, SGLP will change its name to Blueknight
Energy Partners, L.P. For more information, visit SGLP’s web site at
www.SGLP.com.
###
SGLP
Investor Relations Contact:
Bailey
Jones
918.237.4032
investor@sglpenergy.com