Customers Will See No Immediate Change as Hunt, Sharyland Utilities Seeks Approval for the Acquisition

DALLAS, Dec. 17 /PRNewswire/ -- Continental Energy Systems LLC today announced that it has agreed to sell Cap Rock Energy Corporation ("Cap Rock Energy") and its subsidiary, NewCorp Resources Electric Cooperative, Inc. to Hunt Transmission Services ("HTS"). HTS is managed by Hunter L. Hunt. Hunter Hunt, and other members of the family of Ray L. Hunt, own Sharyland Utilities, L.P. ("Sharyland Utilities").

(Photo: http://www.newscom.com/cgi-bin/prnh/20091217/DA27886)

Under the terms of the merger agreement, HTS will acquire, among other things, Cap Rock Energy, including all of its electric transmission and distribution assets located in West Texas, Central Texas, and an area northeast of Dallas. These assets will be operated and maintained by Sharyland Utilities. In addition, employees of Cap Rock Energy will become employees of Sharyland Utilities.

This transaction will require regulatory approval from the Public Utility Commission of Texas ("PUCT") and from various federal agencies, including the Federal Energy Regulatory Commission ("FERC") and the Department of Justice. Regulatory filings are expected to be filed in early 2010, with all approvals expected by summer 2010.

About Sharyland Utilities, L.P.

• Texas-based public transmission and distribution electric utility located in ERCOT
• current service territory located along the Rio Grande border in the South Texas cities of Mission and McAllen
• corporate offices located in Dallas; additional offices in McAllen and Amarillo
• privately-owned by Hunter L. Hunt and other members of the family of Ray L. Hunt
• Sharyland Utilities is managed by Hunter L. Hunt

About Hunt Transmission Services, LLC

• provides support services to Sharyland Utilities
• actively working with Sharyland Utilities in identifying, analyzing, and negotiating new growth opportunities, either through acquisition of existing assets or through new incremental construction projects
• HTS is part of an affiliation of privately-held companies, which are wholly-owned subsidiaries of Hunt Consolidated, Inc, directed by Ray L. Hunt
• HTS is managed by Hunter L. Hunt

About Cap Rock Energy Corporation

• began originally as an electric cooperative in 1939; became a publicly-owned utility in 2002
• privately owned by Continental Energy Systems LLC since 2006
• service area encompasses 28 counties in Texas
• corporate office in Midland; division offices in Stanton, Colorado City, Brady, and Celeste

For additional information regarding this transaction, please call 877-295-1557 or send an email to caprock@sharylandutilities.com.

SOURCE Sharyland Utilities, L.P.

Back to top