GMX Resources Inc. (GMXR) and Kinder Morgan Energy Partners, L.P. (KMP) revealed the signing of a definitive purchase agreement whereby GMX would sell a 40% interest in its gas gathering and compression business to Kinder Morgan for $36 million. The closing of the transaction is expected to close in early November.
The gas gathering and compression business provides gathering services to GMX in its Cotton Valley Sands and Haynesville/Bossier Shale horizontal developments in East Texas, and would provide funding for future infrastructure needs to support GMX's anticipated production growth. GMX's subsidiary, Endeavor Pipeline Inc., would continue to act as operator of the system. The salt water disposal assets and other poly pipelines will not be part of the transaction and will continue to be wholly owned by Endeavor Pipeline Inc.
In addition, GMX Resources announced the activation of its 2nd FlexRig 3 from Helmerich & Payne, Inc. (HP). This rig is in transit and will spud GMX's eleventh Haynesville/Bossier Shale horizontal well. Currently, gas is gathered from about 130 wells via its 120 miles of steel pipelines and 22,500 horsepower of owned compression.
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