Gulfport Energy Corporation ("Gulfport") announced that Blackhawk Midstream LLC ("Blackhawk"), an entity in which Gulfport owns a 50% interest, has entered into definitive agreements with Summit Midstream Partners, LLC ("Summit Investments") for the sale to Summit Investments of Blackhawk's equity interest in two entities, Ohio Gathering Company, LLC and Ohio Condensate Company, LLC (together, "Ohio Gathering").
Blackhawk has agreed to sell its equity interest in Ohio Gathering for a purchase price of $190 million. Ohio Gathering is currently owned by MarkWest Utica EMG, LLC and Blackhawk. Ohio Gathering owns, operates and is developing significant midstream infrastructure in southeastern Ohio consisting of a liquids-rich natural gas gathering system, a dry natural gas gathering system and a condensate stabilization, storage and terminaling facility in the core of the Utica Shale play. The transaction is expected to close by January 31, 2014, subject to customary closing conditions.
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