Black Hills logo

BKH - Black Hills News Story

$67.36 -1.5  -2.2%

Last Trade - 7:35pm

Sector
Utilities
Size
Large Cap
Market Cap £3.07bn
Enterprise Value £6.21bn
Revenue £1.27bn
Position in Universe 1519th / 6853

BLACK HILLS CORP. TO ACQUIRE NORTHEASTERN WYOMING GAS UTILITY ASSETS

Thu 9th January, 2014 10:30pm

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20140109:nHUGdsCC 
 
RAPID CITY, S.D. - Jan. 9, 2014 - Black Hills Corp. (NYSE: BKH) today entered into an agreement to
acquire certain gas transmission and distribution utility assets of MGTC, Inc. a certificated
Wyoming public gas utility and an indirect, wholly owned subsidiary of Anadarko Petroleum
Corporation. 

Black Hills Corp. will acquire the MGTC assets in northeastern Wyoming for $6 million, subject to
customary closing adjustments. The MGTC system being acquired by Black Hills currently serves
approximately 400 customers, principally in northeastern Wyoming, and its annual throughput
exceeds 2.8 Bcf. The transaction requires approval by the Wyoming Public Service Commission and is
expected to close by year end 2014. 

"We are excited to serve MGTC's customers and are committed to providing them with safe, reliable
natural gas service," said David R. Emery, chairman, president and chief executive officer of
Black Hills Corp. "Upon approval of the transaction, we plan to offer enhanced customer services
such as electronic payment options and levelized billing programs. During the past year, we've
acquired several small utility systems adding rate base of $12 million and 1,250 new customers.
This acquisition demonstrates our continuing strategy to grow our customer base through acquiring
small utilities near our existing operations."

Black Hills intends to operate the assets as a separate division of Cheyenne Light, Fuel & Power,
the corporation's electric and natural gas utility in Cheyenne, Wyo., under the name Black Hills
Energy. 

The agreement includes the acquisition of MGTC's gas transmission and distribution utility assets
located in northeastern Wyoming, throughout parts of Johnson, Campbell, Converse, Crook and Weston
counties. MGTC provides natural gas transmission and distribution services to more than 400
customers through 271 miles of transmission pipeline and 135 miles of distribution pipeline. 
 
 Investor Relations:                              
 Jerome E. Nichols         605-721-1171           
 Media Contact:                                   
 Jason Ketchum             605-721-2209           
 24-Hour Media Assistance  866-243-9002           
 
 
Black Hills Corporation
Black Hills Corp. (NYSE: BKH), a growth-oriented, vertically-integrated energy company with a
tradition of exemplary service and a vision to be the energy partner of choice, is based in Rapid
City, S.D. The company serves 769,000 natural gas and electric utility customers in Colorado,
Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company generates wholesale
electricity and produces natural gas, oil and coal. Black Hills' 1,925 employees partner to
produce results that are improving life with energy. More information is available at
www.blackhillscorp.com http://www.blackhillscorp.com/ .

Cheyenne Light, Fuel & Power Company
Cheyenne Light, Fuel & Power Company, a subsidiary of Black Hills Corp., serves 40,000 electric
customers and 35,000 natural gas customers in the greater Cheyenne, Wyo., area. 

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release includes "forward-looking statements" as defined by the Securities and Exchange
Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor
protections provided under the Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, included in this news release that address activities,
events or developments that we expect, believe or anticipate will or may occur in the future are
forward looking statements. These include, without limitation, the Company's expectation of timing
and ability to successfully complete the acquisition of the MGTC assets. These forward-looking
statements are based on assumptions which we believe are reasonable based on current expectations
and projections about future events and industry conditions and trends affecting our business.
However, whether actual results and developments will conform to our expectations and predictions
is subject to a number of risks and uncertainties that, among other things, could cause actual
results to differ materially from those contained in the forward-looking statements, including the
factors discussed above, the risk factors described in Item 1A of Part I of our 2012 Annual Report
on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward
looking statements emerge from time-to-time, and it is not possible for us to predict all such
factors, or the extent to which any such

factor or combination of factors may cause actual results to differ from those contained in any
forward-looking statement. We assume no obligation to update publicly any such forward-looking
statements, whether as a result of new information, future events or otherwise. 
 

---------------------------------------------------------------------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX
Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content,
accuracy and originality of the information contained therein.
Source: Black Hills Corporation via Globenewswire


HUG#1753888
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.