The Crossroads System, located in the southeastern portion of Harrison County, entails about eight-miles of gas gathering pipeline, an 80 MMcfd cryogenic processing plant, 20-miles of NGL pipeline, and a 50% ownership in a 11-mile residue gas pipeline.
The transaction is expected to close on July 2, 2012, following which PVR expects to gain between $30 and $33m due to the transaction.
PVR general partner chief executive officer William H Shea Jr said after review, the company determined that these assets were no longer strategic to PVR as it focuses midstream business in the Marcellus Shale and the Panhandle region of Texas and Oklahoma.
"We concluded that it was in the best interests of PVR to redeploy the capital to the higher-return organic growth projects we are executing on in the Marcellus and Panhandle regions," William added.
