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GMX to sell stake in gas business to Kinder Morgan

GMX Resources to sell 40 pct stake in gas business to Kinder Morgan for $36M

  • On 6:08 pm EDT, Friday October 16, 2009

OKLAHOMA CITY (AP) -- Oil and gas producer GMX Resources Inc. on Friday said it has agreed to sell a 40 percent interest in its gas gathering and compression business to Kinder Morgan Energy Partners LP for $36 million.

GMX said that this move will fund the addition of a second rig to the Haynesville/Bossier Shale horizontal drilling program.

The gas gathering and compression business provides gathering services to the company in its Cotton Valley Sands and Haynesville/Bossier Shale horizontal developments in East Texas.

Separately, GMX said its second FlexRig 3 rig from Helmerich & Payne Inc. is in transit and will spud the company's eleventh horizontal well in the Haynesville/Bossier Shale.

GMX ended down 6 cents to $18.44. Kinder Morgan shares fell 37 cents to $55.46.

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