2008-07-24 01:05:02 -

- Sitrick And Company Brenda Adrian or Lance Ignon 918-524-7359 or 310-788-2850 SemGroup, L.P. announced today that it has received Bankruptcy Court approval of its essential initial motions requesting relief, including authorization to use cash collateral. The use of cash collateral will enable SemGroup to utilize existing cash and cash generated through normal business operations to meet its obligations post-Chapter

11 filing, including trade payables and wages and benefits. SemGroup's bank lenders have also approved the use of cash collateral.

Meanwhile, SemGroup is continuing its negotiations with lenders to secure sufficient debtor-in-possession (DIP) financing. The Company anticipates obtaining a DIP facility within a week of the Chapter 11 filing, which occurred on July 22, 2008.

The Court also approved SemGroup's initial request for $50 million to support its Supplier Protection Program. Under the Program, certain suppliers who contractually commit to continue doing business with SemGroup, on the same terms as before the Chapter 11 filing, will be eligible to receive full payment, as due, for goods and services that were delivered before the filing, but for which the supplier has not yet been paid.

In addition, the Company received the following approvals to ensure business as usual during its restructuring. The ability for SemGroup to:

-- Manage its Supply Chain by continuing to pay trade vendors in the ordinary course of business;

-- Reimburse employees for business-related expenses; and

-- Pay certain shipping and related obligations without interruption.

"The approval of these motions will provide critical relief to our employees, customers and suppliers," said Terry Ronan, acting President and CEO of SemGroup. "They help ensure that we will be able to operate our business as usual as we undertake our reorganization to maximize value for our creditors."

About SemGroup

SemGroup, L.P., is a 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 energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about SemGroup's activities. Words such as "believe," "anticipates," "expects" and similar language are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections. They are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Among the factors that could cause actual results to differ materially from those expressed or forecasted in any such forward-looking statements are the Company's ability to secure Debtor-in-Possession financing (DIP); its ability to operate its business as usual; its ability to maximize value for its creditors; and the potential adverse impact of the Chapter 11 filing on the Company's liquidity or results of operations. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, SemGroup undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Motions Allow Use of Cash, Employee Wages and Benefits, Supplier
Protection Program and Other Essential Relief