Parnon Completes Purchase of Touchstone Trading and Transportation and Assets of Central Kansas Crude
TULSA, Okla., July 14 /PRNewswire/ -- Parnon Gathering, Inc. (Parnon) a wholly owned subsidiary of Parnon Holdings, Inc., announced today the completion of its acquisition of Touchstone Trading and Transportation, Inc. In a separate but associated transaction, Parnon also purchased the crude oil assets of Central Kansas Crude, LLC. Neither purchase price was disclosed.
Touchstone Trading and Transportation (TTTI) is a midstream crude oil purchaser that gathers, transports, and markets crude oil for producers and refiners in the Mid Continent area.
The assets of Central Kansas Crude include semi-tractors, trailers, associated facilities, and various crude oil injection stations. The TTTI and Central Kansas Crude offices, located in Pratt, KS, will be retained.
Paul Adams, CEO of Parnon Holdings, said, "Entry in to the Kansas market with established assets and relationships is an important step for Parnon in building our commercial and logistics footprint in the Mid Continent."
Parnon Gathering, Inc. is a crude oil logistics company providing means of transportation and marketing for North America's oil and gas industry. Parnon Gathering looks to establish long–lasting relationships with producers and refiners and works to maintain and build upon these relationships by providing exceptional customer service.
Headquartered in Tulsa, Oklahoma, Parnon Holdings owns a group of interconnected pipelines, truck fleets, storage terminals and injection stations. Parnon brings crude oil from domestic wells to the market place and utilizes its 3 million barrel facility at Cushing, Oklahoma to provide flexibility in meeting the fluctuating U.S. demands.
SOURCE Parnon Gathering, Inc.
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