The assets consist of approximately 170 miles of pipeline currently in service, which is expected to increase to about 375 miles of pipeline with projected throughput of approximately 800 million cubic feet per day by year-end 2010. Additionally, the system’s amine treating plants have a projected capacity of approximately 2,635 gallons per minute by year end.

Richard Kinder, chairman and CEO of Kinder Morgan, said: “We are delighted to gain entry into one of the largest onshore natural gas fields in the US by partnering with Petrohawk, a strong E&P operator with superb fee-based gathering and treating assets in the Haynesville Shale.

“We anticipate this joint venture will generate substantial future growth opportunities as additional development continues in the Haynesville Shale both from Petrohawk and third-party producers.”

Petrohawk will continue to operate the business during a short transition period, after which a new company, KinderHawk Field Services, owned 50/50 by Petrohawk and Kinder Morgan, will assume operations.

According to Kinder Morgan, the joint venture has received a life of lease dedication to transport and treat all of Petrohawk’s operated Haynesville and Bossier Shale production in Louisiana at agreed upon rates, as well as minimum volume commitments from Petrohawk for the first five years.

The new company will also focus on providing firm service to third-party shippers. The venture ultimately is expected to have approximately two billion cubic feet per day of mainline throughput capacity.

Kinder Morgan said that the transaction will not have an impact on its distribution in 2010. It is expected to be accretive to cash available to unitholders beginning in 2011 and significantly accretive thereafter. The general partner of the company has agreed not to take incentive distributions related to this transaction through year-end 2011. The transaction is subject to customary closing conditions and is expected to be completed by the end of May 2010.

Kinder Morgan is a pipeline transportation and energy storage company in North America. It owns an interest in or operates approximately 28,000 miles of pipelines and 180 terminals.