TULSA, OK, Oct. 30, 2017 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE:LPI) (“Laredo” or the “Company”) today announced the closing of the previously announced agreement among an affiliate of Global Infrastructure Partners (“GIP”), Laredo’s wholly-owned subsidiary Laredo Midstream Services, LLC (“LMS”) and Medallion Midstream Holdings, LLC, which is owned and controlled by an affiliate of The Energy & Minerals Group, whereby GIP purchased 100% of the ownership interests in Medallion Gathering & Processing, LLC (“MGP”) for a cash purchase price of $1.825 billion plus potential additional cash consideration. MGP is the sole owner of the Medallion – Midland Basin pipeline system. LMS received net proceeds of approximately $830 million for its 49% interest in MGP, after deduction of its proportionate share of fees and other expenses, but prior to customary post-closing adjustments and taxes. The Company intends to use the net proceeds from the sale primarily to repay debt.
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties and the gathering of oil and liquids-rich natural gas from such properties, primarily in the Permian Basin of West Texas.