HOUSTON, July 30 /PRNewswire-FirstCall/ -- Universal Compression Partners, L.P. today announced a cash distribution of $0.35 per unit, or $1.40 per unit on an annualized basis, payable on August 14, 2007 to unitholders of record at the close of business on August 9, 2007. The distribution covers the time period from April 1, 2007 through June 30, 2007.
Universal Compression Partners completed its previously announced acquisition from Universal Compression Holdings of a fleet of compressor units and associated customer contracts for approximately $233 million in early July. As a result of this acquisition, cash distributions for the third quarter of 2007 are expected to increase by approximately $0.0375 to $0.05 per unit, or approximately $0.15 to $0.20 per unit on an annualized basis.
Forward-Looking Statements
Statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Universal Compression Partners' control, which could cause actual results to differ materially from such statements. Forward looking information includes statements regarding the expected amount and timing of cash distributions.
While Universal Compression Partners believes that the assumptions concerning future events are reasonable, they caution that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of their business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are the conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for natural gas and the impact on the price of natural gas; changes in political or economic conditions in key operating markets; changes in safety and environmental regulations pertaining to the production and transportation of natural gas; and the performance of Universal Compression Holdings.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Universal Compression Partners' Annual Report on Form 10-K for the year ended December 31, 2006 and those set forth from time to time in Universal Compression Partners' filings with the Securities and Exchange Commission ("SEC"), which are available through our website http://www.universalcompression.com/. Except as required by law, Universal Compression Partners expressly disclaim any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events, or otherwise.
Additional Information
In connection with the proposed merger of Universal Compression Holdings and Hanover Compressor Company, a registration statement of the new company, Exterran Holdings, Inc., which includes definitive proxy statements of Universal Compression Holdings and Hanover, and other materials, has been filed with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT UNIVERSAL COMPRESSION HOLDINGS, HANOVER, EXTERRAN HOLDINGS AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the definitive proxy statement/prospectus, without charge, at the SEC's web site at http://www.sec.gov/, Universal Compression Holdings' web site at http://www.universalcompression.com/, and Hanover's web site at http://www.hanover-co.com/. Copies of the definitive proxy statement/prospectus and the SEC filings that are incorporated by reference therein may also be obtained for free by directing a request to either Investor Relations, Universal Compression Holdings, Inc., 713-335-7000 or to Investor Relations, Hanover Compressor Company, 832-554-4856.
Participants in Solicitation
Universal Compression Holdings and Hanover Compressor Company and their respective directors, officers and certain other members of management may be deemed to be participants in the solicitation of proxies from their respective stockholders in respect of the merger. Information about these persons can be found in the definitive proxy statement/prospectus that has been filed with the SEC in connection with the proposed transaction.
Universal Compression Partners was formed by Universal Compression Holdings to provide natural gas contract compression services to customers throughout the United States. Universal Compression Holdings owns approximately 51% of Universal Compression Partners.
Universal Compression Holdings is a leading natural gas compression services company, providing a full range of contract compression, sales, operations, maintenance and fabrication services to the domestic and international natural gas industry.
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk
