KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) announced that Ultra Petroleum's subsidiary has agreed to assume the Lease on its Pinedale Liquids Gathering System without amendment, through a motion filed today with the Bankruptcy Court. In exchange, CorEnergy agreed to withdraw its damages claims and its motion to dismiss its tenant from the bankruptcy proceedings. CorEnergy maintains its right to assert claims in the future to protect the value of its Pinedale LGS System. These agreements are subject to approval by the court.
David Schulte, CEO of CorEnergy commented, “The motion filed today confirms that our asset is critical to Ultra’s business plan. We believe our agreement to drop our damages claims was an important concession. We are pleased to continue our relationship with Ultra as it dedicates capital to increasing gas production for the benefit of its stakeholders.”
CorEnergy will host a conference call on Monday, November 14, 2016 at 9 a.m. Central Time to discuss the agreement and answer investor questions. Please dial into the call at 877-407-8035 (for international, 1-201-689-8035) approximately five to ten minutes prior to the scheduled start time. A link to the webcast will be accessible at corenergy.reit.
A replay of the call will be available until 10:59 p.m. Central Time on December 14, 2016 by dialing 877-481-4010 (for international, 1-919-882-2331). The Conference ID is 10157. A replay of the conference call will also be available on the Company’s website.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns essential midstream and downstream energy assets, such as pipelines, storage terminals, and transmission and distribution assets. We seek long-term contracted revenue from operators of our assets, primarily under triple net participating leases. For more information, please visit corenergy.reit.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy's Board of Directors and compliance with leverage covenants.