Item 8.01 Other Events
On August 17, 2009, we completed the sale of the remaining 50% undivided
interest in 485 miles of Appalachian gas gathering facilities (Gathering System)
to Seminole Energy Services, LLC (Seminole) for $22 million. We receive
$7.5 million at closing, which we applied to reduce outstanding borrowings under
our revolving credit facility. The balance of the purchase price is payable
under a promissory note from Seminole for $14.5 million, payable in monthly
installments through December 2011, with interest at 8% per annum. The note is
secured by a second mortgage lien on the underlying Gathering System assets.
Payments under the note will be applied for further debt reduction. The
transaction is described in a press release included as an exhibit to this
report and incorporated herein by reference.
Item 9.01(d) Exhibits
Exhibit
Number Description of Exhibit
99.1 Press Release dated August 18, 2009
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