Tuesday, November 26, 2013

"GMX and Oneok to Negotiate Rather Than Sue, For Now"

"GMX Resources... started a lawsuit on Nov. 22 against Oneok Inc., alleging that the pipeline operator breached a contract to purchase and transport natural gas.

The complaint explains how Tulsa, Oklahoma-based Oneok made a contract in March 2012 to purchase and transport gas from GMX’s wells. On Nov. 21, Oneok said it was converting the pipeline to move gas at high pressure. The change would prevent Oneok from taking GMX’s gas.

Unable to move the gas and likewise unable to obtain permits allowing the gas to be flared off, GMX said it would be compelled to shut down production from the wells..."

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