Quicksilver Gas Services LP (KGS) announced that it has signed a purchase and sale agreement with Quicksilver Resources Inc. (KWK) to acquire the midstream gathering and treating assets associated with the Alliance project, located in the northern portion of the Fort Worth Basin, for about $87.1 million.
The acquired assets consist of gathering systems and related compression facilities with an aggregate current capacity of 115 million cubic feet per day or MMcfd, and a plant with amine treating capacity of 180 MMcfd and dehydration treating capacity of 200 MMcfd to the gathered gas. The acquisition is expected to close on or about January 4, 2010, subject to customary closing conditions.
Quicksilver Gas Services LP also announced that its board of directors has approved a capital expenditure budget of $80 million for 2010, including around $44 million associated with the Alliance assets to be acquired. The 2010 capital expenditure budget includes about $50 million for the construction of pipelines, gathering systems and well connections and about $30 million associated with its natural gas processing and treating facilities.
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