SERVICE SECTOR / Coast Energy Canada, Inc., Wholly Owned Subsidiary of
Cornerstone Propane Partners, L.P., Purchases Canadian Crude Oil Assets
SUGAR LAND, Texas--(BUSINESS WIRE)--Jan. 22, 1999--Coast Energy Canada, Inc. (''Coast Energy Canada''), a wholly owned subsidiary of Cornerstone Propane Partners, L.P. (''Cornerstone'' or the ''Partnership''), announced today it has finalized the purchase of the crude oil marketing assets of the Petro Source Canada division of Petro Source Corporation, effective Jan. 1, 1999. Terms of the acquisition were not disclosed.
With this acquisition, Coast Energy Canada will have an established, full service crude oil supply and marketing company, headquartered in Calgary, Alberta. With this purchase, Coast Energy Canada expands its portfolio to now include crude oil from producing companies within Canada, to be marketed throughout North America.
''We are extremely pleased to have consummated this acquisition and to have the entire Calgary-based team from Petro Source Canada join Coast Energy Canada,'' said Vincent J. Di Cosimo, Coast Energy Canada, Inc.'s president and president and COO of Coast Energy Group (CEG). ''This additional presence in Canada, combined with CEG's significant market and distribution in the U.S. substantially increases our ability to better service our customers across America. Also, we are confident these earnings will have an accretive effect on the Partnership's earnings.''
Cornerstone Propane Partners, L.P. is a master limited partnership. The Partnership believes it is the nation's fifth largest retail propane marketer serving over 440,000 customers with sales of approximately 293 million gallons annually in 34 states through over 310 customer service centers. Through CEG, the Partnership also markets natural gas, natural gas liquids, and crude oil to resellers, end users, processor's, refiner's, LDC's, utilities and end users. For more information, please visit CNO's website at www.cornerstonepropane.com or Coast Energy Group's (CEG) website at www.coastenergy.com.
|
