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Oil & Gas Financial Journal

Plains All American Pipeline LP has commenced a private placement of $350 million of senior notes. The senior notes are expected to be eligible for trading under Rule 144A.

The partnership intends to use the proceeds to reduce outstanding borrowings under its credit facilities, which may be reborrowed to fund its capital program, including the acquisition of the Rainbow Pipe Line Co. and other acquisitions, and for general partnership purposes.

Plains All American Pipeline LP is a publicly traded master limited partnership engaged in the transportation, storage, terminalling, and marketing of crude oil, refined products, and liquefied petroleum gas and other natural gas related petroleum products.

Hiland names Harrison CFO, VP - finance, secretary, director

Hiland Partners LP has elected Matthew S. Harrison to the positions of CFO, vice president - finance, secretary, and director of both the general partner of Hiland Partners LP and the general partner of Hiland Holdings GP LP. Harrison had been serving as interim CFO since April 4, 2008.

Harrison joined Hiland in February 2008 as vice president - business development. He holds a bachelor's degree from the University of Tennessee and an MBA degree from the Kellogg Graduate School of Management at Northwestern University.

Hiland Partners LP is a publicly traded midstream energy partnership engaged in gathering, compressing, dehydrating, treating, processing and marketing natural gas, and fractionating, or separating, natural gas liquids, or NGLs.

Targa to assume Warburg Pincus' interest in Floridian Natural Gas Storage

Targa Resources Inc. has completed the assumption of Warburg Pincus' interest in Floridian Natural Gas Storage Co. LLC.

Floridian Natural Gas Storage Co. LLC was created to construct an above ground natural gas storage facility in south Florida. FGS's planned investment in energy infrastructure is expected to provide regional utilities in Florida with access to stored natural gas fed by existing pipelines.

Targa is a provider of midstream natural gas and natural gas liquid services in the US, through an integrated platform of midstream assets.

Subsea 7 awarded Sul Capixaba Pipeline contract

Subsea 7 Inc. has been awarded a $200 million contract by Petrobras for an EPIC contract, in the Espirito Santo Basin offshore Brazil.

The contract will involve the design, engineering, procurement, fabrication and installation of the 78 km Sul Capixaba 12-in. Export Gas Pipeline and end termination assembly in the Jubarte field.

The gas export pipeline will eventually connect the FPSO P-57 in the deepwater Jubarte field to the Petrobras onshore installation in Anchieta, Espirito Santo.

Installation will take place during 2009 and will be completed during 2010.

Eagle Rock Energy Partners to acquire Stanolind

Eagle Rock Energy Partners LP has entered into a definitive stock purchase agreement to acquire 100% of the outstanding common stock of Stanolind Oil and Gas Corp. for $79 million.