DALLAS--(BUSINESS WIRE)--Today, Cox Operating L.L.C. delivered the following communication, in substance, to CorEnergy.
RE: Notice of material misrepresentations and demand
On April 13, 2020, on behalf of CorEnergy Infrastructure Trust, Inc. (“CorEnergy”), you stated in a FORM 8-K that “Cox Oil has provided notification of its intent to suspend payment of rent, beginning with the April payment, on the Grand Isle Gathering System…” Furthermore, in a press release incorporated into the FORM 8-K, as Exhibit 99.1, you stated that “Cox attributed the decision to its plan to shut in production on all of its wells in the Gulf of Mexico….”
These statements, among others, in your published communications are false, inaccurate, and require immediate correction. By way of example only and not limitation, the rent-paying tenant in the operative agreement concerning the referenced Grand Isle Gathering System is Energy XXI GIGS Services, LLC, not “Cox Oil” or “Cox,” as you misrepresent in your public statements and disclosures. Furthermore, reference to Cox shutting in production on all Gulf of Mexico wells is false, misleading, and exceedingly harmful to the business interests of Cox.
About Cox Operating, L.L.C.
Cox is a privately-held entity that owns and operates assets in the Gulf of Mexico and was founded by fourth generation oilman, Brad E. Cox. Cox has grown through enhanced development of production and reserves in existing assets along with strategic acquisitions. Cox’s assets are located in both the OCS in the Gulf of Mexico and the shallow waters off the coast of Louisiana. The Company currently operate more than 600 producing wells from approximately 500 structures over 66 fields with daily production of approximately 85,000 BOE. These operated assets stretch from offshore Florida to Texas. Cox is based in Dallas, Texas with operation staff in New Orleans, Louisiana and Houston. To learn more, visit Cox’s website at coxoperating.com.