PennTex Midstream Partners, LP
Aug 14, 2014

PennTex Midstream Partners to Pursue Initial Public Offering of Master Limited Partnership


HOUSTON, Aug. 14, 2014 /PRNewswire/ -- PennTex Midstream Partners, LLC ("PennTex"), a full service, multiplatform company dedicated to creating a leading energy logistics business through strategic partnerships with its customers, announced today that it is pursuing the formation of a midstream master limited partnership (MLP) and intends to confidentially submit a draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission shortly for an initial public offering (IPO) of common units of the MLP. The offering is expected to be completed in the fourth quarter of 2014.

It is expected that the initial assets of the MLP will consist of a portion of PennTex's North Louisiana natural gas gathering and processing assets, including its 200 MMcf/d processing plant under construction in Lincoln Parish, Louisiana. Following the closing of the contemplated IPO, PennTex will control the general partner of the MLP and will own a majority of the incentive distribution rights and a majority of the MLP limited partnership units. PennTex will continue to own its Permian Basin gathering and processing platform in Reeves County, TX and the remainder of its North Louisiana assets, including a second 200 MMcf/d Lincoln Parish processing plant in development.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitations to offer to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom. This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933.

About PennTex Midstream Partners, LLC

Based in Houston, TX, PennTex was founded by Thomas F. Karam, Robert O. Bond, and Steven R. Jones as a full service, multiplatform company dedicated to creating a leading energy logistics business through strategic partnerships with its customers. PennTex senior management has over 150 years of collective experience constructing and operating midstream facilities across North America. NGP has committed substantial equity capital to support PennTex's growth into a leading midstream business in North America.

About NGP Energy Capital Management

Founded in 1988, NGP Energy Capital Management ("NGP") is a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception. NGP ECM's investment platform includes Natural Gas Partners, NGP Global Agribusiness Partners, NGP Capital Resources Company (NASDAQ: "NGPC") and NGP Energy Technology Partners.

Chris E. Staffel | | Direct 832-456-4005 | Mobile 917-992-0622