HOUSTON, Feb. 27, 2015 (GLOBE NEWSWIRE) -- NuDevco Midstream Development, LLC ("NMD"), sponsor of Marlin Midstream Partners, LP (Nasdaq:FISH) ("Marlin"), a Delaware limited partnership, today announced the successful closing of the sale of 100% of Marlin's general partner interests and 90% of Marlin Midstream GP, LLC's incentive distribution rights to Azure Midstream Energy, LLC ("Azure").
W. Keith Maxwell III, Chairman and CEO of NMD and Marlin, commented, "We are extremely excited for the successful completion of this transaction with Azure. We believe that through a diversification of customer base, expansion of midstream service offerings, and the combination of talented personnel, Marlin is truly a stronger partnership. With the transaction now behind us, we will now shift our focus on creating continued growth for all of our unitholders."
NuDevco Midstream Development will retain its current 10.7 million LP units and 10% of the incentive distribution rights of Marlin Midstream Partners. NMD will continue to develop assets throughout the crude oil value chain including transloaders, rail cars, trucks and storage tanks.
NuDevco Partners, LLC ("NuDevco"), is the sponsor of Marlin Midstream Partners, LP ("Marlin") and owns NuDevco Midstream Development, LLC. NuDevco is wholly owned by W. Keith Maxwell III, Chairman and CEO of Marlin. NuDevco Midstream Development's primary strategy is to purchase and develop midstream natural gas and crude oil logistics assets.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that NMD or Marlin expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Marlin's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, neither NMD nor Marlin intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: NuDevco Midstream Development, LLC Todd Gibson, Chief Financial Officer (713) 977-5633