(Houston - September 3, 2009) Plains All American Pipeline, L.P. (NYSE: PAA) today announced that the acquisition of Vulcan Capital's indirect 50% interest in PAA Natural Gas Storage, LLC (PNGS) has closed. PAA now owns 100% of the natural gas storage business and related operating entities. Giving effect to the equity issued as a portion of the purchase price, PAA has a total of approximately 131 million common units outstanding.
PAA Natural Gas Storage, LLC, a wholly owned subsidiary of PAA, currently owns and operates approximately 40 billion cubic feet (Bcf) of natural gas storage capacity in Michigan and Louisiana, with approximately 10 Bcf of additional capacity currently under construction.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. The Partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.