| FOR IMMEDIATE RELEASE
NGP Midstream & Resources Announces Purchase of all of the Assets of Ferus Trust
IRVING, Texas, July 2008 - NGP Midstream & Resources, L.P. and NGP M&R Offshore Holdings, L.P. (collectively, “M&R”) announce that they have purchased all the assets of Calgary-based Ferus Trust. The acquisition demonstrates M&R’s commitment to investing in energy and infrastructure in the Western Canada Sedimentary Basin.
Retention of the existing Ferus management team, including Richard Brown as President and CEO, was an integral part of the transaction due to management’s prior success in establishing Ferus as one of the premier providers of cryogenic products and
services in western Canada.
John T. Raymond, Managing Partner and CEO of M&R commented, “We are excited about our new business partners and look forward to a prosperous future together as Ferus capitalizes on its numerous opportunities for growth.”
Richard Brown adds “M&R’s long term vision and extensive knowledge base aligns perfectly with Ferus’ business strategy and growth prospects. We are very pleased to have partnered with a group that is committed to growing energy assets in Canada.”
Ferus will continue to focus on its core asset base in Alberta through reinvestment of capital in both existing and new cryogenic facilities, as well as the expansion of its fleet of cryogenic transportation and storage vessels, already the largest in western Canada. Additionally, Ferus will maintain its strategy of geographic expansion and diversification, which began in 2007 with the establishment of Ferus Corp. and the successful opening of its U.S. operations based in Denver, Colorado. The company will continue to operate under the Ferus name through restructuring of the trust/partnership structure in which Ferus Inc is the surviving entity.
NGP Midstream & Resources is a U.S.-based private equity fund established in February 2007 to make direct investments in selected areas of energy infrastructure and natural resources industries, with a particular emphasis on investments in the midstream energy infrastructure sector and the minerals sector.