Crestwood Midstream Partners LP reported an agreement to acquire, from certain subsidiaries of Devon Energy Corporation (Devon), certain gathering and processing assets in the liquids-rich southwestern area of the Barnett Shale for $90 million.

Additionally, Crestwood and Devon have entered into a 20 year fixed-fee gathering, processing and compression agreement under which Crestwood will gather and process Devon's natural gas production from a 20,500 acre dedication.

Current natural gas production under the agreement is approximately 95 million cubic feet per day (MMcf/d). The transaction is expected to close in the third quarter 2012, subject to customary closing conditions.

Tags: Crestwood Midstream Partners LP