ContractPinedale Sale Agreement • July 7th, 2020 • CorEnergy Infrastructure Trust, Inc. • Real estate investment trusts
On June 30, 2020, CorEnergy Infrastructure Trust, Inc. ("CorEnergy" or the "Company") sold its Pinedale Liquids Gathering System ("Pinedale LGS") to Ultra Wyoming, LLC ("Ultra Wyoming") for an aggregate consideration of $18.0 million (the "Pinedale Sale") at which time the Pinedale Lease Agreement was terminated. In conjunction with the sale of the Pinedale LGS, Pinedale Corridor, LP ("Pinedale LP") and the Company entered into a compromise and release agreement with the Prudential Insurance Company of America ("Prudential") related to the Amended Pinedale Term Credit Facility (the "Prudential Settlement"). Prior to the Prudential Settlement, Pinedale LP had $32.2 million outstanding under the Amended Pinedale Term Credit Facility plus $131 thousand of accrued interest. The Pinedale Sale proceeds of $18.0 million were provided by Ultra Wyoming directly to Prudential. Following the Pinedale Sale, the Company provided the remaining cash available at Pinedale LP of $3.3 million to Prudent
