This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:GMX Resources Inc. Announces Signing of Definitive Purchase Agreement for Midstream Transaction with Kinder Morgan and Activation of Second Haynesville/Bossier Shale Horizontal Drilling Rig 2009-10-16 15:05 ET - News Release OKLAHOMA CITY, Oct. 16, 2009 (GLOBE NEWSWIRE) -- GMX Resources Inc. (Nasdaq:GMXR) (please visit www.gmxresources.com to view the latest corporate presentation) and Kinder Morgan Energy Partners, L.P. ("Kinder Morgan") today announced that the two companies have signed a definitive purchase agreement in which GMXR will sell a 40% interest in its gas gathering and compression business to Kinder Morgan for $36 million. The closing of the transaction is subject to customary closing conditions, including the release of liens on the midstream assets by the first and second lien holders; we expect to close the transaction in early November.
The gas gathering and compression business provides gathering services to GMXR in its Cotton Valley Sands and Haynesville/Bossier Shale horizontal developments in East Texas, and will provide funding for future infrastructure needs to support GMXR's anticipated production growth. GMXR's wholly owned subsidiary, Endeavor Pipeline Inc., will 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.
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