In August 2000, Energy Spectrum invested in The Seminole Group (whose name later changed to SemGroup) (“SemGroup”), which was engaged in diversified services for the North American crude oil and refined products industry. SemGroup’s operations included gathering, transportation, marketing and hedging services. The Company also owned and operated proprietary and common carrier pipelines, oil transports, pipeline injection stations and terminal-owned storage. SemGroup grew rapidly through a series of follow-on acquisitions in the U.S. and Canada. In April 2004, Energy Spectrum sold its interest in SemGroup as part of a recapitalization of the Company.