Medallion Extends Binding Open Season For Wolfcamp Connector & Reagan County Extension
Medallion Pipeline Company, LLC (“Medallion”), a subsidiary of Medallion Midstream LLC, today announced that it will extend the present January 22, 2014 closing date for the binding open season for its proposed 60 mile crude oil pipeline, the Wolfcamp Connector, as well as for the potential 40 mile southward extension of the proposed pipeline, the Reagan County Extension. As previously announced, the binding open season for the Wolfcamp Connector and the Reagan County Extension commenced on October 29, 2013.
Based on continued discussion with prospective shippers, Medallion has decided to further extend the binding open season for the Wolfcamp Connector and the Reagan County Extension, until February 3, 2014. The purpose of this extension is to permit sufficient time for open season participants to consider Medallion’s proposed changes in the route, configuration, and operational design of the Reagan County Extension, along with related changes in the rate structure for the origin points and destination points to be served by the modified Reagan County Extension. Medallion will make the details of these changes available as of January 24, 2014 to those open season participants who have executed a confidentiality agreement, and will post related summary materials on its website as of that date. Medallion believes that, by the close of the open season, it will have received binding long-term capacity commitments in an aggregate volume sufficient to move forward with the construction of both the Wolfcamp Connector and the modified Reagan County Extension on a schedule that will place the overall system in service during the fourth quarter of 2014. Accordingly, to permit the open season participants additional time to assess these developments, Medallion has decided to further extend the open season as it relates to both pipeline segments.
Under the extended open season, binding bids for long-term capacity must be submitted to Medallion by 5:00 pm Central Standard Time on or before February 3, 2014. The binding open season, as supplemented on January 24, 2014, remains unmodified in all other respects.