/PRNewswire/ Stonehenge Energy Resources II, L.P. ("Stonehenge II") announced today that it has completed a transaction to sell Stonehenge Appalachia, LLC.
February 16, 2021News
Pine Run Gathering LLC announced Feb. 16 that it has completed a transaction to acquire Pine Run Midstream LLC from an affiliate of PennEnergy Resources LLC and minority partners for $205 million.
Pine Run Gathering is a joint venture owned by a subsidiary of Stonehenge Energy Resources III LLC, a portfolio company of Energy Spectrum Partners VIII LP, and by a subsidiary of UGI Energy Services LLC (UGIES), which is a subsidiary of UGI Corp.
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PennEnergy, a Pittsburgh-based independent oil and gas company, is a leading Appalachian based producer and anchor customer on the Pine Run system. Stonehenge III is the third partnership between Energy Spectrum Capital and Stonehenge Energy Resources management. The transaction will be financed with equity capital from both Stonehenge III (51 percent) and UGIES (49 percent) as well as a senior secured loan credit facility.