Mogas

CorEnergy Enters Restructuring Support Agreement

Retrieved on: 
Monday, February 26, 2024
Energy, Construction & Property, REIT, Oil, Gas, International, Plan, TPH, Note, OTC, Corporate action, OTC Markets Group, Sale, Disclosure, Debt-to-GDP ratio, Public utilities commission, Perella Weinberg Partners, Common, RSA, Bankruptcy, Mogas, United States bankruptcy court, Trust, Stretto, Security (finance)

CorEnergy Infrastructure Trust, Inc. (OTC Pink: CORR, CORRL) (“CorEnergy” or the “Company”) today announced that it has reached an agreement with certain of its noteholders on a comprehensive financial restructuring that will reduce debt and restructure its balance sheet.

Key Points: 
  • CorEnergy Infrastructure Trust, Inc. (OTC Pink: CORR, CORRL) (“CorEnergy” or the “Company”) today announced that it has reached an agreement with certain of its noteholders on a comprehensive financial restructuring that will reduce debt and restructure its balance sheet.
  • The Ad Hoc Group of Noteholders, whose members hold approximately 90% of CorEnergy’s 5.875% Unsecured Convertible Senior Notes due 2025 (the “Senior Notes”), has entered into a Restructuring Support Agreement (the “RSA”) with the Company.
  • Neither Crimson Pipeline, in which CorEnergy holds a noncontrolling joint interest, nor any other CorEnergy subsidiary has filed for bankruptcy.
  • Both the Company and Crimson Pipeline expect to have sufficient liquidity to continue operating without interruption during and after CorEnergy’s restructuring process.

CorEnergy Closes Sale of MoGas and Omega Pipeline Systems to Spire

Retrieved on: 
Friday, January 19, 2024
REIT, Oil, Gas, Energy, Construction & Property, Utilities, Natural gas, Spire Inc, K&L Gates, CFO, Crimson, Mogas, Government, Risk, Sale, Tax, OTC, Transport, The Company

CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL) ("CorEnergy" or the "Company") today closed the sale of its MoGas and Omega pipeline systems (together, the “MoGas System”) to Spire Midstream, a subsidiary of Spire Inc. (NYSE: SR).

Key Points: 
  • CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL) ("CorEnergy" or the "Company") today closed the sale of its MoGas and Omega pipeline systems (together, the “MoGas System”) to Spire Midstream, a subsidiary of Spire Inc. (NYSE: SR).
  • The MoGas System is an interstate natural gas transmission and distribution system providing service to markets in Missouri and Illinois.
  • These companies were the last remaining legacy operations from our predecessor corporation and were included in our groundbreaking qualification for REIT status.
  • The cash generated from the sale of MoGas and Omega will be sufficient for us to maintain Crimson’s liquidity and safe and reliable operations until the rate increases for which we have applied take effect.

Spire completes acquisition of MoGas and Omega pipeline systems

Retrieved on: 
Friday, January 19, 2024
Spire Inc, Mogas, Omega, OTC, Acquisition, Federal Energy Regulatory Commission, Petroleum

ST. LOUIS, Jan. 19, 2024 /PRNewswire/ -- Spire Inc. (NYSE: SR) today announced it has completed its acquisition of MoGas Pipeline (MoGas), an interstate natural gas pipeline, and Omega Pipeline (Omega), a connected gas distribution system, from CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL).

Key Points: 
  • ST. LOUIS, Jan. 19, 2024 /PRNewswire/ -- Spire Inc. (NYSE: SR) today announced it has completed its acquisition of MoGas Pipeline (MoGas), an interstate natural gas pipeline, and Omega Pipeline (Omega), a connected gas distribution system, from CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL).
  • As a result of the acquisition, MoGas will operate under the new legal name Spire MoGas Pipeline LLC.
  • Spire MoGas Pipeline also interconnects with three other interstate pipelines and is regulated by the Federal Energy Regulatory Commission.
  • Omega Pipeline is an approximately 75-mile natural gas distribution system primarily serving Fort Leonard Wood Army Base in south-central Missouri and is interconnected with the Spire MoGas Pipeline system.

CorEnergy Announces Suspension of NYSE Status

Retrieved on: 
Monday, December 4, 2023
Energy, Construction & Property, REIT, Oil, Gas, Sale, NYSE, CORR, FTC, Mogas, Spire Inc, The Company, OTC, Cryptocurrency, Omega

CorEnergy’s common and preferred stock are now trading on the over-the-counter (“OTC”) marketplace under the symbols CORR and CORRL, respectively.

Key Points: 
  • CorEnergy’s common and preferred stock are now trading on the over-the-counter (“OTC”) marketplace under the symbols CORR and CORRL, respectively.
  • As a result, any such repurchase offer, if required, would not be made until after the NYSE appeal is resolved.
  • The change in listing status does not impact the Company’s commitment to providing safe, reliable, and environmentally sustainable service to the customers and communities that CorEnergy serves.
  • CorEnergy has announced the pending sale of its MoGas and Omega pipeline systems (“MoGas System”) to Spire Inc. (NYSE: SR) for approximately $175 million in cash.

CorEnergy Announces Receipt of Continued Listing Standard Notice from NYSE

Retrieved on: 
Wednesday, September 13, 2023
REIT, Oil, Gas, Energy, Construction & Property, Utilities, NYSE Listed Company Manual, Mogas, SR, Calendar, CORR, The Company, Notice, Spire Inc, NYSE, Cryptocurrency

The Company intends to notify the NYSE of its plans to resolve the stock price deficiency and return to compliance with the continued listing standard.

Key Points: 
  • The Company intends to notify the NYSE of its plans to resolve the stock price deficiency and return to compliance with the continued listing standard.
  • The Company intends to closely monitor its stock price during the period and will, if necessary, consider available alternatives to resolve the stock price non-compliance.
  • The Company’s common stock will continue to be listed and traded on the NYSE during the six-month period, subject to the Company’s compliance with other NYSE continued listing standards.
  • The MoGas System is an interstate natural gas transmission and distribution system providing service to markets in Missouri and Illinois.

CorEnergy to Sell MoGas and Omega Pipeline Systems to Spire

Retrieved on: 
Thursday, May 25, 2023
Energy, Construction & Property, REIT, Oil, Gas, Sale, CORR, Mogas, Spire Inc, SR, K&L Gates, The Company, NYSE

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced entry into a definitive agreement to sell its MoGas and Omega pipeline systems (“MoGas System”) to Spire Inc. (NYSE: SR) for approximately $175 million in cash, subject to final working capital adjustments.

Key Points: 
  • CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced entry into a definitive agreement to sell its MoGas and Omega pipeline systems (“MoGas System”) to Spire Inc. (NYSE: SR) for approximately $175 million in cash, subject to final working capital adjustments.
  • The MoGas System is an interstate natural gas transmission and distribution system providing service to markets in Missouri and Illinois.
  • Expected to close in the third quarter 2023, subject only to anti-trust clearance and customary closing conditions
    Net proceeds will be used to repay all CorEnergy bank debt at closing, approximately $100 million
    Dave Schulte, Chairman and Chief Executive Officer of CorEnergy, said: “The sale of our MoGas and Omega systems enables us to significantly de-leverage our balance sheet and strengthen our overall capital structure.
  • Evercore acted as the company’s financial advisor while K&L Gates served as legal counsel.

CorEnergy Files 2022 Form 10-K, Posts ESG Report

Retrieved on: 
Wednesday, March 29, 2023
Construction & Property, Other Energy, Utilities, REIT, Oil, Gas, Professional Services, Coal, Alternative Energy, Energy, Environmental, Social and Governance (ESG), LLP, Form 10-K, Mogas, Bank statement, Ernst & Young, CORR, The Company, ESG, EIC, NYSE, Computer security, Cryptocurrency

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that it has filed its Form 10-K for the year ended December 31, 2022 with the United States Securities and Exchange Commission and posted a 2022 ESG report to its corporate website.

Key Points: 
  • CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that it has filed its Form 10-K for the year ended December 31, 2022 with the United States Securities and Exchange Commission and posted a 2022 ESG report to its corporate website.
  • Among ESG results detailed, the Company reported a 56% reduction in Scope 1 and 2 emissions across all CorEnergy assets from its 2021 baseline.
  • As part of CorEnergy’s continued ESG development initiatives, it has adopted the Energy Infrastructure Counsel (EIC) ESG reporting framework and initiated Board-level oversight of its ESG and Cybersecurity programs.
  • Additionally, the Company has filed its 2022 Form 10-K, including the previously announced restated financial results for the year ended December 31, 2021, and related interim financial statements.

CorEnergy Provides Update on Asset Sales

Retrieved on: 
Wednesday, March 22, 2023
Utilities, Oil, Gas, Commercial Building & Real Estate, Energy, Construction & Property, Building Systems, REIT, Sale, CORR, Mogas, CPUC, The Company, NYSE, Public utility

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that it has retained an advisor for the sale its MoGas and Omega systems and that the process has generated a number of highly interested and qualified participants.

Key Points: 
  • CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that it has retained an advisor for the sale its MoGas and Omega systems and that the process has generated a number of highly interested and qualified participants.
  • Given the level of interest, the Company expects to close the sale by early Q3 2023.
  • “We anticipate net proceeds from the sale of our MoGas and Omega systems will be sufficient to repay our bank facility in full.
  • “Given the recent volume shifts in the California crude oil market, our regulated pipelines are presently earning below what the California PUC considers fair and reasonable returns.

MOGAS Wins Multimillion Dollar Bid to Supply Valves for Southeast Asian Refinery

Retrieved on: 
Wednesday, July 29, 2020
Technology, Oil, Gas, Other Technology, Manufacturing, Energy, Other Manufacturing, Mogas

MOGAS Industries, Inc. (MOGAS) recently received a multimillion-dollar order to manufacture several hundred severe service isolation valves with actuation from a large refiner in Southeast Asia.

Key Points: 
  • MOGAS Industries, Inc. (MOGAS) recently received a multimillion-dollar order to manufacture several hundred severe service isolation valves with actuation from a large refiner in Southeast Asia.
  • Delivery of these valves is scheduled through next year to meet the customers requested timeline.
  • This order contributes greatly to MOGAS stronghold on the heavy oils industry and expands our reach in the Asian energy markets.
  • MOGAS is known for supplying critical valves for safety and enhanced plant efficiency to help our customers realize their highest potential while maximizing their profits.

CorEnergy Provides Acquisition Outlook Following Pinedale LGS Sale

Retrieved on: 
Tuesday, July 7, 2020
Utilities, Construction & Property, Oil, Gas, Coal, Alternative energy, Energy, REIT, Nuclear, Mogas, Asset

Dave Schulte, Chief Executive Officer, said, With completion of the Pinedale LGS transaction, CorEnergy is now fully focused on maximizing the value of our existing portfolio while identifying and selectively adding new assets.

Key Points: 
  • Dave Schulte, Chief Executive Officer, said, With completion of the Pinedale LGS transaction, CorEnergy is now fully focused on maximizing the value of our existing portfolio while identifying and selectively adding new assets.
  • Evaluating our current portfolio, we believe our Grand Isle Gathering System (GIGS) asset retains significant value amid rising oil prices.
  • In the interim, our lease is intact, and we are taking appropriate steps to enforce its terms.
  • Our MoGas and Omega assets continue to perform well, including historically high daily MoGas deliveries earlier this year.