Genesis Energy, L.P.; closing of over-allotment offering

Business Wire, Dec 19, 1996

HOUSTON--(BUSINESS WIRE)--Dec. 19, 1996--Genesis Energy, L.P., announced today the closing of the offering of 1,125,000 additional common units issued upon the exercise by the underwriters of the entire over- allotment option. The Common Units represent limited partner interests in the Partnership and were offered at a price of $20.625. Genesis Energy, L.P., previously completed an initial public offering of 7,500,000 common units at the same price. The common units are traded on the New York Stock Exchange under the symbol "GEL".

The Partnership was recently formed to acquire the crude oil gathering and marketing assets and operations of Basis Petroleum, Inc., and the crude oil gathering, marketing and pipeline assets and operations of Howell Corporation.

The lead managers of the offering were Salomon Brothers Inc, Smith Barney Inc., Dean Witter Reynolds Inc., PaineWebber Incorporated and Prudential Securities Incorporated.

The Partnership is one of the largest independent gatherers and markets of crude oil in North America with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi, New Mexico, Kansas and Oklahoma.

A written prospectus may be obtained from Smith Barney Inc., 388 Greenwich Street, 34th Floor, New York, NY 10013.

CONTACT: Allyn R. Skelton, II

Chief Financial Officer

Genesis Energy, L.L.C.

One Allen Center, Suite 3100

500 Dallas

Houston, TX 77002

(713) 646-1200