Hiland Partners, LP and Hiland Holdings GP, LP Announce Unitholder Approval of Mergers With Affiliates of Harold Hamm
05 December 2009 - 3:46AM
PR Newswire (US)
ENID, Okla., Dec. 4 /PRNewswire-FirstCall/ -- Hiland Partners, LP
(NASDAQ: HLND) and Hiland Holdings GP, LP (NASDAQ:HPGP) announced
today that the public unitholders of each company have voted to
approve the respective proposed mergers of the Hiland companies
with affiliates of Harold Hamm. The approval by holders of a
majority of the publicly-held common units of Hiland Partners or
Hiland Holdings, as applicable, was required to approve the
respective proposed mergers. Under the terms of the merger
agreements, Hiland Partners common unitholders will receive $10.00
in cash and Hiland Holdings common unitholders will receive $3.20
in cash for each common unit they own. The Hiland companies
anticipate that both mergers will be completed later today, subject
to the satisfaction of customary closing conditions. About the
Hiland Companies Hiland Partners, LP is a publicly traded midstream
energy partnership engaged in purchasing, gathering, compressing,
dehydrating, treating, processing and marketing of natural gas, and
fractionating, or separating, and marketing of natural gas liquids,
or NGLs. Hiland Partners, LP also provides air compression and
water injection services for use in oil and gas secondary recovery
operations. Hiland Partners, LP's operations are primarily located
in the Mid-Continent and Rocky Mountain regions of the United
States. Hiland Partners, LP's midstream assets consist of fifteen
natural gas gathering systems with approximately 2,160 miles of
gathering pipelines, six natural gas processing plants, seven
natural gas treating facilities and three NGL fractionation
facilities. Hiland Partners, LP's compression assets consist of two
air compression facilities and a water injection plant. Hiland
Holdings GP, LP owns the two percent general partner interest,
2,321,471 common units and 3,060,000 subordinated units in Hiland
Partners, LP, and the incentive distribution rights of Hiland
Partners, LP. Forward-Looking Statements This press release
includes certain statements concerning expectations for the future
that are forward-looking statements, including statements regarding
the intention of the Hiland companies and affiliates of Harold Hamm
to complete the mergers. 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. An extensive list of factors that can
affect future results are discussed in the definitive joint proxy
statement filed by Hiland Partners and Hiland Holdings, in Hiland
Partners' and Hiland Holdings' Annual Reports on Form 10-K and
other documents filed from time to time with the Securities and
Exchange Commission. Any such forward looking statements are made
as of the date of this press release and neither Hiland Partners
nor Hiland Holdings undertakes any obligation to update or revise
any such forward-looking statements to reflect new information or
events. DATASOURCE: Hiland Partners, LP; Hiland Holdings GP, LP
CONTACT: Derek Gipson, Director of Business Development and
Investor Relations of Hiland Partners, LP, +1-580-242-6040 Web
Site: http://www.hilandpartners.com/
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