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