Credit Suisse Takes Minority Stake in Foothills Energy Ventures
DENVER, April 21 /PRNewswire/ -- Foothills Energy Ventures, a Denver-based midstream energy company, announced that Credit Suisse, one of the world's leading banks, has purchased a substantial non-controlling ownership interest in Foothills, and expects to provide additional financing to fund Foothill Energy Venture's 50% ownership stake in the Monroe Gas Storage facility currently under development in Northern Mississippi.
The Monroe Gas Storage facility will provide up to 12 Bcf of storage capacity when fully operational in late 2008. The project will include the drilling of new wells, conversion of five existing wells to observation wells in the depleted natural gas reservoir, and the construction of a pipeline that interconnects Texas Eastern Transmission Company (TETCO) pipeline in Monroe Country, Mississippi and a Tennessee Gas Pipeline (TGP) in Lamar County, Alabama. The project will serve the expanding energy needs of the Southeast, mid-continent and Northeastern United States.
"Foothills Energy Ventures is excited by the opportunity of having Credit Suisse as a financial partner. Credit Suisse is able to provide a broad range of expertise that can be tailored to the diverse types of development projects and acquisitions that Foothills will pursue," said Brian Bierbach, President and CEO of Foothills Energy Ventures.
"We are excited to invest in Foothills Energy Ventures, and to partner with their strong and experienced management team, whose development of a strong project pipeline is backed by a proven track record of developing over $1 billion of mid-stream assets. The Monroe Project is a great example of the management team's ability to identify and capitalize on valuable mid-stream assets. We hope this transaction is the first of many as we grow our relationship with Foothills," said Andre Burba, Vice President at Credit Suisse.
About Foothills Energy Ventures, LLC
Foothills Energy Ventures, LLC is a Denver-based firm engaged in infrastructure development and management of midstream energy assets including: Natural Gas -- storage, gathering, processing and marketing; Liquids and Refined Products -- NGLs and crude oil; and Coal and Alternative Fuels -- coal gasification, bio-fuels. Foothills diversifies opportunities by asset type and geographical location, and is currently active in the Rocky Mountain, Mid-Continent and Gulf Coast regions. For additional information, please contact Kyle Quackenbush, Media Relations at 303-951-4270 or visit our websites, http://www.foothillsenergy.com or http://www.monroegasstorage.com.
About Credit Suisse
As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 45,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at http://www.credit-suisse.com.
In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 26 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.
SOURCE Foothills Energy Ventures, LLC
