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SemGroup Energy Partners, L.P. Announces Commencement of Initial Public Offering

TULSA, Okla.--(BUSINESS WIRE)--SemGroup Energy Partners, L.P. ("SemGroup Energy Partners") announced today the commencement of an initial public offering of 12,500,000 of its common units. All of the common units are being offered by SemGroup Holdings, L.P., a wholly owned subsidiary of SemGroup, L.P. ("SemGroup"). SemGroup Energy Partners will also grant the underwriters a 30-day over-allotment option to purchase up to an additional 1,875,000 common units. The common units have been approved for listing on the NASDAQ Global Market and will be traded under the symbol "SGLP."

The common units offered to the public will represent approximately 48.9 percent of the outstanding equity of SemGroup Energy Partners, or approximately 52.3 percent if the underwriters exercise in full their over-allotment option. SemGroup will remain a privately held company and will indirectly own the remaining equity interests in SemGroup Energy Partners.

Citi and Merrill Lynch & Co. will act as joint book-running managers for the offering. In addition, Lehman Brothers, RBC Capital Markets, Wachovia Securities, A.G. Edwards, Raymond James, SMH Capital and BOSC, Inc. will act as co-managers for the offering.

This offering of common units will be made only by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery Department, 140 58th Street, Brooklyn, New York 11220, phone: 718-765-6732; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, Attention: Prospectus Department, New York, New York 10080, phone: 212-449-1000.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state.

About SemGroup Energy Partners

SemGroup Energy Partners was recently formed by SemGroup to own, operate and develop a diversified portfolio of complementary midstream energy assets. SemGroup Energy Partners will provide crude oil gathering, transportation, terminalling and storage services primarily in its core operating areas in Oklahoma, Kansas and Texas. A subsidiary of SemGroup is the general partner of SemGroup Energy Partners. As of the closing of this offering, SemGroup Energy Partners will own and operate terminalling and storage facilities with approximately 6.7 million barrels of storage capacity, including approximately 4.8 million barrels of storage capacity located at the Cushing Interchange, two pipeline systems consisting of approximately 1,150 miles of pipeline, and tanker trucks used to gather oil at remote wellhead locations generally not covered by pipeline and gathering systems.

SemGroup Energy Partners' principal executive offices are located at Two Warren Place, 6120 South Yale Avenue, Suite 500, Tulsa, Oklahoma 74136 and its telephone number is (918) 524-5500.

Forward-Looking Statements

Statements about the proposed offering are forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside SemGroup's control, and a variety of risks that could cause results to differ materially from those expected by management of SemGroup Energy Partners. SemGroup Energy Partners undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results overtime.

Contacts

SemGroup Media Contact:
Susan Dornblaser, 918-524-8365
sdornblaser@semgrouplp.com
or
SGLP Investor Relations Contact:
Toll Free Phone: 866-490-SGLP (7457)
Phone: 918-524-SGLP (7457)
investor@semgroupenergypartners.com

Jul 09, 2007

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