By OGJ editors
HOUSTON, June 2 -- Enid oilman Harold Hamm, his affiliates, and family trusts are acquiring the interest they don't already own in Hiland Partners LP and Hiland Holdings GP LP, Enid, Okla., which will become private entities.
Hamm proposed to take the businesses private on Jan. 15. Conflicts committees have recommended for the transactions, to be completed in the third quarter.
In the mergers, Hiland Partners unitholders will receive $7.75 for each common unit they hold, and Hiland Holdings unitholders will receive $2.40 for each common unit they hold.
Hiland Partners is a public midstream energy partnership that buys, gathers, compresses, dehydrates, treats, processes, and markets natural gas and fractionates and markets natural gas liquids. It also provides air compression and water injection services for use in oil and gas secondary recovery operations.
Highland Partners owns 15 Midcontinent and Rocky Mountain gathering systems totaling 2,138 miles of pipelines, six gas processing plants, seven treatment plants, three fractionation plants, two air compression facilities, and a water injection plant.
Hiland Holdings owns the 2% general partner interest, 2,321,471 common units and 3,060,000 subordinated units in Hiland Partners, and the incentive distribution rights of Hiland Partners.