Construction Begins on Parnon’s Great Salt Plains Pipeline

March 15th, 2012

March 14, 2012 — TULSA, Okla. – Parnon Gathering, Inc. is pleased to announce that construction on the Great Salt Plains Pipeline commenced in early March and is scheduled for completion in July.  The project includes laying approximately 115 miles of new 8 inch pipeline from Cherokee, Oklahoma to Cushing, Oklahoma and will be able to move 20,000 barrels per day of crude oil and, with a simple upgrade, have the ability to raise the rate to 35,000 barrels per day.  It will transport crude oil production from central and western Oklahoma and southern Kansas and will deliver to Parnon’s tanks located at Cushing.

 

“We’ve made significant progress in the last few months, with all of the steel pipe sections manufactured and delivered, rights of way secured and approvals received from the various Government agencies.  With construction of the pipeline and our new terminal at Cherokee, Oklahoma now underway, we are looking ahead confidently to operate the facility this summer,” said Paul Adams, CEO of Parnon.

 

A construction contract has been signed with Global Pipeline Construction, L.L.C., providing for the construction of the Great Salt Plains Pipeline.  In addition, Parnon has signed an EPC contract with IPS Engineering to manage the project.  “We are happy to have Global and IPS working with us on this project, we are certain they will implement all the highest standards in the execution of the pipeline and terminal construction,” said Adams.

 

The IPS management team, which consists of experts in construction, engineering, health and safety, security, environmental and community affairs, will maintain oversight of the construction process with audits, inspections and quality control on a daily basis.

 

 

Parnon Gathering, Inc., headquartered in Tulsa, OK, is a crude oil logistics company operating both owned pipelines and trucks and providing transportation and marketing for North America’s oil industry.   Parnon Gathering looks to establish long–lasting relationships with producers and refiners and works to maintain and build upon these relationships by providing exceptional customer service.

Parnon Announces Oklahoma Crude Oil Pipeline Construction Project

August 10th, 2011

August 10, 2011 — TULSA, Okla. – Parnon Gathering, Inc., a wholly owned subsidiary of Parnon Holdings, Inc., announced today the construction of its crude oil pipeline in Central Oklahoma.  The project includes laying approximately 109 miles of new 8 inch pipeline from Cherokee, Oklahoma to Cushing, Oklahoma and is designed to move 18,000 barrels per day of crude oil with an option to up rate to 35,000 barrels per day.  The pipeline, to be named “Great Salt Plains Pipeline”, will transport production from Central and Western Oklahoma and interconnect with Parnon’s crude oil tanks located at Cushing.

 

With right-of-way negotiations well advanced and pipe order confirmed, the line is scheduled to commission in March 2012.  In response to interest from producers with acreage in Western Oklahoma, plans are being prepared to extend the Great Salt Plains Pipeline (Phase II) further west to serve the Granite Wash and other new tight sands plays.  As sufficient interest and commitment to this extension is confirmed, the second phase of the project will run concurrently with Phase 1 and could commission as soon as midyear 2012. 

 

Parnon Gathering, Inc., headquartered in Tulsa, OK, is a crude oil logistics company operating both owned pipelines and trucks and providing transportation and marketing for North America’s oil and gas industry.   Parnon Gathering looks to establish long–lasting relationships with producers and refiners and works to maintain and build upon these relationships by providing exceptional customer service.

Parnon Completes Purchase of Touchstone Trading and Transportation and assets of Central Kansas Crude

July 22nd, 2010

July 12, 2010 — TULSA, Okla. – Parnon Gathering, Inc. (Parnon) a wholly owned subsidiary of Parnon Holdings, Inc., announced today the completion of its acquisition of Touchstone Trading and Transportation, Inc. In a separate but associated transaction, Parnon also purchased the crude oil assets of Central Kansas Crude, LLC. Neither purchase price was disclosed.

Touchstone Trading and Transportation (TTTI) is a midstream crude oil purchaser that gathers, transports, and markets crude oil for producers and refiners in the Mid Continent area.The assets of Central Kansas Crude include semi-tractors, trailers, associated facilities, and various crude oil injection stations. The TTTI and Central Kansas Crude offices, located in Pratt, KS, will be retained.

Paul Adams, CEO of Parnon Holdings, said, “Entry in to the Kansas market with established assets and relationships is an important step for Parnon in building our commercial and logistics footprint in the Mid Continent.”

Parnon Gathering, Inc. is a crude oil logistics company providing means of transportation and marketing for North America’s oil and gas industry. Parnon Gathering looks to establish long–lasting relationships with producers and refiners and works to maintain and build upon these relationships by providing exceptional customer service.

Headquartered in Tulsa, Oklahoma, Parnon Holdings owns a group of interconnected pipelines, truck fleets, storage terminals and injection stations. Parnon brings crude oil from domestic wells to the market place and utilizes its 3 million barrel facility at Cushing, Oklahoma to provide flexibility in meeting the fluctuating U.S. demands.

Parnon Completes Purchase of Cimmarron Gathering Crude Oil Assets

January 27th, 2010

Parnon Completes Purchase of Cimmarron Gathering Crude Oil Assets

October 22, 2009 — TULSA, Okla. – Parnon Holdings, Inc. announced today the completion of its acquisition from Cimmarron Gathering, LP, a subsidiary of Copano Energy, L.L.C., of crude oil operations and assets located in Oklahoma and Texas. The purchase price was not disclosed.

Parnon said the assets will operate as Parnon Gathering, Inc. The acquisition includes an interstate crude oil gathering and transportation pipeline and associated truck stations.

Parnon Holdings, Inc. is a crude oil logistics company providing means of transportation and marketing for North America’s energy industry. Read more »

Matrix Service Selected to Construct Tankage for Parnon Storage at Facility in Cushing, Oklahoma

January 26th, 2010

Matrix Service Selected to Construct Tankage for Parnon Storage at Facility in Cushing, Oklahoma

TULSA, Okla., Feb. 19 /PRNewswire-FirstCall/ — Matrix Service Co.

(Nasdaq: MTRX), a leading industrial services company, today confirmed that it has added to backlog a contract that its wholly owned subsidiary, Matrix Service, Inc., an industrial service contractor, has been awarded a contract with Parnon Storage, Inc., a 100% wholly owned subsidiary of Parnon Holdings Inc. for construction of aboveground storage tanks (AST) for crude oil storage at the TEPPCO facility in Cushing, Oklahoma. Matrix Service’s work on this project is expected to be approximately $50 million. Read more »

Quick Fact 7

Through its ownership by Farahead Holdings, Parnon has substantial capital access.