Sharyland Utilities, L.P. ("Sharyland Utilities") and Hunt Transmission Services, L.L.C. ("HTS") jointly announced today that the acquisition of Cap Rock Energy Corporation ("Cap Rock Energy") and its subsidiary NewCorp Resources Electric Cooperative, Inc. ("NewCorp") has been completed. Sharyland Utilities now serves as the new electric utility for all customers previously served by Cap Rock Energy.
"We are pleased to join the communities that Cap Rock Energy serves," said Hunter Hunt, President of Sharyland Utilities. "Sharyland is strongly committed to customer service and reliability, and we look forward to serving our new customers that we are gaining through this acquisition."
Under the terms of the approved merger agreement, HTS and its affiliates have acquired and now own all of the electric utility transmission and distribution assets of Cap Rock Energy and NewCorp, which are located in West Texas around the Midland area, in Central Texas around the Brady area, and in parts of Hunt and Collin counties northeast of Dallas.
These assets will be operated and maintained by Sharyland Utilities, and employees of Cap Rock Energy will become employees of Sharyland Utilities.
"From a customer service perspective, this transition will be seamless," said Hunt. "Electric rates will remain the same, and the same dedicated Cap Rock Energy employees that served customers in the past will continue to operate our customer service centers, continue to read our meters and continue to provide safe and reliable electric service to our customers."
Sharyland Utilities will begin the process of replacing the existing Cap Rock Energy logo with the Sharyland Utilities logo on all materials, uniforms, and equipment over the next few months. Customers should expect to see the new logo on their monthly electric bills starting in September.
This transaction required regulatory approval from both the Public Utility Commission of Texas ("PUCT") and the Federal Energy Regulatory Commission ("FERC"). The FERC issued its approval under FERC Docket No. EC10-53 on June 28, 2010, and the PUCT issued a final order approving the transaction under PUCT Docket No. 37990 on July 8, 2010.
About Sharyland Utilities, L.P.
Sharyland Utilities, L.P., is a Texas-based public electric utility that is fully regulated by the Public Utility Commission of Texas. Sharyland Utilities is committed to providing quality customer service, affordable rates, safe and reliable electric delivery, and increased investment in the electric grid of Texas.
Its corporate office is located in Dallas, with additional offices in McAllen and Amarillo. Sharyland Utilities is privately-owned by Hunter L. Hunt and other members of the family of Ray L. Hunt, and is managed by Hunter L. Hunt.
About Hunt Transmission Service, L.L.C.
Hunt Transmission Services, L.L.C., ("HTS") is part of an affiliation of privately-held companies, which are wholly-owned subsidiaries of Hunt Consolidated, Inc., directed by Ray L. Hunt. These entities are engaged in oil and gas exploration and production, refining, power, real estate, ranching and private equity investments.
HTS provides support services to Sharyland Utilities and is 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 managed by Hunter L. Hunt.