Blueknight Energy Partners, L.P. ("BKEP" or the "Partnership") (NASDAQ: BKEP) (NASDAQ: BKEPP), today announced that Ergon, Inc. ("Ergon") filed an amendment to its Schedule 13D (the "13D Amendment") with the U.S. Securities and Exchange Commission. The 13D Amendment discloses that Ergon has made a non-binding proposal to the Board of Directors of Blueknight Energy Partners G.P., L.L.C. (the "GP Board"), the general partner of the Partnership, pursuant to which Ergon would acquire all the outstanding Common Units and Series A Preferred Units of the Partnership not already owned by Ergon and its affiliates for a cash purchase price of $1.35 per Common Unit and $5.67 per Series A Preferred Unit. The other terms of proposal are set forth in the 13D Amendment.
The proposed transaction is subject to several contingencies, including the approval of the Conflicts Committee of the GP Board, the approval by the Partnership's unitholders, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership's future cash flows and operations, the Partnership's ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership's filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary midstream energy assets consisting of:
8.8 million barrels of liquid asphalt storage located at 53 terminals in 26 states;
6.9 million barrels of above-ground crude oil storage capacity located primarily in Oklahoma, approximately 6.6 million barrels of which are located at the Cushing Interchange terminalling facility in Cushing, Oklahoma;
646 miles of crude oil pipeline located primarily in Oklahoma and Texas; and
60 crude oil transportation vehicles deployed in Kansas, Oklahoma and Texas.
BKEP provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. BKEP is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership's web site at www.bkep.com.
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BKEP Investor Relations, (918) 237-4032
BKEP Media Contact:
Brent Gooden, (405) 715-3232 or (405) 818-1900