Catsimatidis Working toward Formulating Reorganization Plan for SemGroup, L. P., in January, 2009

NEW YORK--(BUSINESS WIRE)--John A. Catsimatidis, Chairman of the Red Apple Group of New York, announced today that he is planning to meet with the senior management of SemGroup, L. P., in Tulsa next Monday to begin the process of formulating a plan of reorganization for the company.

“I am very pleased with the spirit of cooperation demonstrated by everyone I have met so far,” Mr. Catsimatidis said. “We have been reaching out to obtain input from SemGroup’s management team and certain of its creditors.”

“Although I have not yet had any discussions with Bank of America, in its capacity as Administrative Agent for the Senior Secured Lenders, it has been stated to me that the bank will consider with its lender group any proposal that I make,” Mr. Catsimatidis said.

Mr. Catsimatidis announced on 15 December 2008 that he had obtained five of the nine seats on SemGroup G. P., L. L. C.’s Management Committee, the equivalent of SemGroup L. P.’s board of directors.

Next week in Tulsa, Mr. Catsimatidis will seek the input of management and the company’s restructuring professionals as a part of the process of putting together a reorganization plan on behalf of the company. “Our team intends to work hard on a proposal to take to SemGroup’s Management Committee,” Mr. Catsimatidis said. “We are working toward creating a consensual plan acceptable to all parties to the proceeding. We intend to have a preliminary plan ready for consideration in January, 2009.”

SemGroup, L.P., is a privately held midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing of product. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam.

SemGroup, L. P., had revenues of over $14 billion in 2007 and employed more than 2,200 persons worldwide. SemGroup, L. P., entered into Chapter 11 of the U. S. Bankruptcy Code on 22 July 2008.