Sugar Land, Texas (April 6, 2004) — Sago Energy, LP, announced today that it has closed the sale of its Texas operating subsidiary, Sago Jameson, LP, and its Louisiana operating subsidiaries, which include LEDCO, LLC, Louisiana State Gas, LLC, and LEDCO Gas Gathering, LLC, to WTG Gas Processing, L.P. of Midland, Texas. The sale was effective March 30, 2004.
The sale included the Jameson Gas Plant located in Coke County, Texas, and its associated natural gas gathering system, consisting of approximately 2,300 miles of pipeline spanning 14 counties on the eastern shelf of the Permian Basin in West Texas. Also included in the sale were the gathering and transmission pipelines and associated facilities owned and operated by the LEDCO entities in Louisiana. Lehman Brothers Inc. acted as financial advisor to Sago Energy in the transaction.
Sago Energy, LP is owned by a consortium of investors, including Sago Energy management and private equity investors: Haddington Ventures, L.L.C .and Quantum Energy Partners. Sago's headquarters is located at 14090 Southwest Freeway, Suite 460, Sugar Land, TX 77478. For additional information, visit www.sagoenergy.com.
Haddington Ventures, L.L.C. provides capital to the energy industry, generally making control-oriented investments in companies focused on the gathering, storage, transmission and processing of oil, natural gas and natural gas liquids, as well as select opportunities in power generation and transportation of refined energy products. Haddington's limited partners include affiliates of electric and gas utility holding companies Vectren Corporation (NYSE: VVC) and Unisource Energy Corporation (NYSE: UNS), and affiliates of financial groups Citigroup Inc. (NYSE: C) and The Prudential Insurance Company of America (NYSE: PRU). Additional information on Haddington Ventures is available atwww.hvllc.com.
Quantum Energy Partners is a private equity fund specializing in the energy industry. With over $670 million in capital under management, Quantum is an ideal partner for proven and successful energy entrepreneurs who desire to harness Quantum's substantial experience as owners, operators, financiers and advisors of oil & gas and mid-stream companies to augment their skill set in order to successfully build and ultimately exit an energy company. For more information on Quantum, or to submit information on your company, please visit www.quantumep.com or call S. Wil VanLoh, Jr., at (713) 225-4800 or Toby R. Neugebauer at (806) 771-1137.