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PRESS RELEASE
July 22, 2008 05:32 PM Eastern Daylight Time
Seminole Energy Services Issues Statement: Not Affiliated with SemGroup, L.P.
TULSA, Okla.--(BUSINESS WIRE)--Seminole Energy Services, LLC,
(www.seminoleenergy.com), today issued the following statement
regarding SemGroup, L.P.’s bankruptcy filing: Seminole Energy Services, LLC, a Tulsa-based energy company, stated
today that it is not affiliated with SemGroup, L.P., or any of its subsidiaries
or affiliates.
Seminole maintains a strong financial position and provides "wellhead-to burner-
tip" natural gas marketing and mid-stream services to end users and
producers throughout the Southwest, Midwest, Mid-Continent, Appalachian
and Inter-Mountain regions of the United States.
"Seminole has consistently grown our portfolio of customers since our
founding 10 years ago," said Seminole’s chief executive officer Robert
(Bob) B. Rosene, Jr. "We have strong financial backing, a strong balance
sheet and maintain a strong liquidity position at all times. Our affiliation with
The Stephens Group, a private equity firm, has enabled us to achieve an
excellent capital position while maintaining a high quality of service."
Rick Turner, senior managing director of The Stephens Group, LLC, stated,
"We continue to be impressed by Seminole’s growth and the expertise of its
management team, and have overwhelming confidence in the company
moving forward."
Founded in 1998, Seminole is an energy services company and does not
engage in speculative commodity trading. Today Seminole serves over 700
producers and 4,500 retail customers.
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Formed in 1998 as a
full-service, independently owned and regionally focused energy company, we are
continually expanding our locations, services and holdings throughout the country.
Our primary focus is providing excellent value and service to our producer clients and end-use customers.
We employ more than 150 industry professionals who share our innovation, focus on customer service and commitment to excellence.
We are
financially conservative in maintaining a fully-hedged risk book to ensure contract
performance, regardless of market conditions. Our business strategy of purchasing
at the wellhead and selling directly to end-users spreads counterparty business
risk over a broad base of customers, limiting exposure to any individual company
- an important factor in today's environment. Our solid financial position has allowed
us to continually expand our services to a wider geographical area. We have
a diversified natural gas supply portfolio, and own a growing network
of gathering systems, along with treating and processing facilities. We also maintain hundreds of producer relationships. This diversity guarantees that we are not
dependent on any one supplier.
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