Cardinal Gas Storage to acquire Monroe Gas Storage

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.

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.

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