Copano Energy LLC (CPNO) said that the Federal Energy Regulatory Commission has denied authority for Transcontinental Gas Pipeline Corp. to abandon its McMullen Lateral pipeline in South Texas by sale to Copano.
Copano's agreement to purchase the McMullen Lateral from Transco, announced in October 2008, was contingent on receipt of FERC authorizations.
Copano expressed disappointment over the FERC's decision. However, the company said it remains encouraged by the opportunities around its existing South Texas assets, including in the Eagle Ford Shale.
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