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Midcoast Energy Partners Enters Developing Eaglebine Play


HOUSTON, TX--(Marketwired - Feb 9, 2015) - Midcoast Energy Partners, L.P. (NYSE: MEP) ("MEP" or "Midcoast Partners") is entering the emerging Eaglebine shale play in East Texas through two key transactions totaling approximately $160 million: a capital expansion project for the construction of a new natural gas pipeline gathering header; and the acquisition of premier midstream assets.

MEP has executed agreements with Burk Royalty Co., LTD and SEM Operating Company LLC, a subsidiary of Sequitur Energy Resources, LLC to construct, own and operate the Ghost Chili Lateral pipeline and associated facilities in Houston County, Texas. The initial facilities are projected to be placed in service by late-2015, with the Ghost Chili Lateral expected to be in full service by mid-2016.

Midcoast has also executed an agreement with New Gulf Resources, LLC ("NGR") to purchase NGR's Midstream Business in Leon, Madison and Grimes Counties, Texas. The acquisition consists of a natural gas gathering system that is currently in operations moving equity and third party production. The collective Eaglebine investments will be undertaken by Midcoast Operating, L.P., and will be jointly funded 51.6 percent by MEP and 48.4 percent by Enbridge Energy Partners, L.P. (NYSE: EEP).

"The combined transactions of the Ghost Chili Lateral and the new NGR acquisition enhance MEP's competitive position in the Eaglebine and provide additional opportunities for accretive growth in MEP's natural gas gathering, processing, and transportation business. We are also very pleased that the contracts associated with these investments are largely volume commitment-based, which is in line with our commitment to progress MEP toward contract structures with more certain cash flows," said C. Gregory Harper, president, Midcoast Partners. "This marks another step forward as we execute on our strategic initiatives to geographically diversify our asset footprint, increase the Partnership's demand-based revenues and drive low-risk growth in distributable cash flow to our unitholders."

MEP is a full-service natural gas and natural gas liquids (NGL) midstream business, with a combined processing and treating capacity of approximately 2.9 billion cubic feet per day. The company's extensive East Texas system provides a high level of operational reliability and is well positioned to access premier markets, enhancing value for our producer customers. The new Ghost Chili Lateral and NGR assets will complement MEP's East Texas system, which is comprised of 4,100 miles of gathering and transmission pipelines, five active natural gas processing plants, in addition to the new Beckville processing plant targeted to enter service early in the second quarter of 2015, and seven active treating plants. The system serves customers producing in the Cotton Valley, Haynesville Shale, Bossier Shale and other productive formations.

About Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. (NYSE: MEP), is a limited partnership formed by EEP to serve as EEP's primary vehicle for owning and growing its natural gas and natural gas liquids (NGLs) midstream business in the United States. Our assets consist of a 51.6 percent controlling interest in Midcoast Operating, L.P., a Texas limited partnership that owns a network of natural gas and NGL gathering and transportation systems, natural gas processing and treating facilities and NGL fractionation facilities primarily located in Texas and Oklahoma. Midcoast Operating also owns and operates natural gas, condensate and NGL logistics and marketing assets that primarily support its gathering, processing and transportation business. Through our ownership of Midcoast Operating's general partner, we control, manage and operate these systems.

EEP owns 100 percent of Midcoast Holdings, LLC, the general partner of Midcoast Partners and holds an approximate 54 percent interest in Midcoast Partners. EEP owns and operates a diversified portfolio of crude oil and, through Midcoast Partners, natural gas transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. EEP is recognized by Forbes as one of the 100 Most Trustworthy Companies in America.

Forward looking statements

This presentation includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "should," "strategy," "opportunity," "target," "will" and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the ability of Midcoast Energy Partners, L.P. (the "Partnership") to control or predict. The Partnership's forward looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, interest rates and commodity prices, including but not limited to the following specific factors that could cause actual results to differ from those in the forward-looking statements: (1) changes in the demand for or the supply of, forecast data for, and price trends related to natural gas, natural gas liquids and crude oil; (2) the Partnership's ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline and gathering systems, as well as other processing and treating plants; (4) shut-downs or cutbacks at the Partnership's facilities or refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (5) hazards and operating risks that may not be covered fully by insurance; (6) changes in or challenges to the Partnership's rates; and (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; (8) cost overruns and delays on construction projects resulting from numerous factors.

Except to the extent required by law, we assume no obligation to publically update or revise any forward looking statements, whether as a result of new information, future events or otherwise. In addition to the risks listed above, other risks include those detailed from time to time in the Partnership's Securities and Exchange Commission, or SEC, reports, including, without limitation, in the Partnership's Annual Report on Form 10-K for December 31, 2013 and any subsequently filed Quarterly Report on Form 10-Q or Current Report on Form 8-K, which filings are available to the public at the SEC's website (www.sec.gov).


Contact Information


Michael Barnes 
(877) 496-8142 
E-mail: usmedia@enbridge.com

Sanjay Lad, CFA 
Investment Community 
(866) EEP INFO or (866) 337-4636 
E-mail: eep@enbridge.com