Cardinal Gas Storage Partners has purchased the Monroe Gas Storage Company from High Sierra Monroe and other stake holders for $148m.
High Sierra Monroe is a wholly-owned subsidiary of High Sierra Energy.
The pruchase also includes an option on development rights to an adjacent depleted natural gas reservoir.
Monroe is an FERC-regulated, natural gas storage reservoir facility located in northeast Mississippi, US and has currently a working gas capacity of 12 billion cubic feet (BCF).
The facility has an expansion potential to add up to an additional 12 BCF of working gas capacity through expansion of the existing facility and development of the option, subject to regulatory approvals.
Monroe currently has two pipeline which links Tennessee Gas Pipeline and Texas Eastern Pipeline.
Cardinal is a joint venture between Redbird Gas Storage and funds controlled by Energy Capital Partners.