Cardinal Gas Storage to acquire Monroe Gas Storage

By OGJ editors
HOUSTON, June 8 -- Cardinal Gas Storage Partners LLC acquired Monroe Gas Storage Company LLC and an option to develop an adjacent depleted natural gas reservoir from High Sierra Monroe LLC, a subsidiary of High Sierra Energy.

Total consideration was $148 million. Monroe, a gas storage company in northeast Mississippi, has two pipeline interconnects through a separate east and west header system to Tennessee Gas Pipeline and Texas Eastern Pipeline.

Cardinal is a joint venture between Redbird Gas Storage LLC and funds controlled by Energy Capital Partners LLC.