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Blueknight Energy to Acquire Stake in Pecos River Pipeline; Shares Flat Late, Below New High

By: MT Newswires
Posted: 2/4/2013 5:06:00 PM
Referenced Stocks: BKEP

Blueknight Energy Partners L.P. ( BKEP ) has entered into an agreement with Advantage Pipeline LLC to acquire approximately 30% ownership in a 70-mile crude oil pipeline project running from Pecos, Texas, to Crane, Texas. The Pecos River Pipeline will enable west Texas producers to deliver crude oil to Gulf Coast markets through a pipeline connection at Crane, Texas. BKEP will operate the pipeline under a long term agreement with Advantage.

BKEP shares closed the day at $7.72, below a fresh high in a new 52-week range of $6.08 - $8.49.