Medallion Extends Binding Open Season Wolfcamp Connector & Reagan County Extension
Medallion Pipeline Company, LLC (“Medallion”), a subsidiary of Medallion Midstream LLC, today announced that it will extend the present December 18, 2013 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 January 22, 2014. 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 the Wolfcamp Connector on a schedule that will place that pipeline segment in-service in the 3rd quarter 2014, as initially projected. With respect to the Reagan County Extension, Medallion is engaged in ongoing discussions with prospective shippers and other interested parties concerning binding long-term capacity commitments on that segment and/or on certain pipeline alternatives to that segment. Accordingly, to permit these discussions to continue, Medallion has decided to further extend the opens season as it relates to both pipeline segments.
Under the extended open season, binding bids for long-term capacity must be submitted to the Medallion representative by 5:00 pm Central Standard Time on or before January 22, 2014. The binding open season remains unmodified in all other respects.