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Thursday, February 16, 2017 4:07:45 PM
On 2/10/17, Blue Dolphin Pipe Line Company ("BDPL"), a wholly-owned subsidiary of Blue Dolphin Energy Company, completed several related transactions with Freeport LNG Expansion, L.P. ("FLEX") and its affiliates, as described below.
As previously disclosed, BDPL and FLNG Land II, LLC ("FLNG"), an affiliate of FLEX, were parties to a Pipeline Easement dated 11/06/05 and a Master Easement Agreement dated 12/11/13 (together, the "Easements"). The Easements provided FLNG and its affiliates:
a pipeline easement and right of way across certain property owned by BDPL located in Brazoria County Texas (the "BDPL Property") to certain property owned by FLNG; and
rights of ingress and egress across the BDPL Property to the property owned by FLNG.
Under the Easements, FLNG was required to pay to BDPL (i) $500,000 in October of each year through 2019 and (ii) $10,000 in October of each year after 2019 for so long as FLNG desired to use the rights of ingress and egress across the property.
On 2/10/17, BDPL sold approximately 15 acres of the BDPL Property to FLIQ Common Facilities, LLC, an affiliate of FLEX, for cash proceeds of approximately $539,000.
In connection with the sale of real estate, FLNG paid to BDPL approximately $1,336,000 as consideration for the full satisfaction and discharge of FLNG's future annual payment and other obligations to BDPL under the Easements.
Also as previously disclosed, in connection with the entry into the Master Easement Agreement referred to above, BDPL and FLEX entered into a Letter of Intent dated 11/11/13 (the "Letter of Intent"), pursuant to which BDPL and FLEX committed to study the feasibility of jointly developing facilities to source and supply liquefied natural gas for sale to third parties for use as transportation fuel in the U.S. domestic transportation markets. In connection with the sale of real estate, BDPL and FLEX terminated the Letter of Intent. No definitive agreements for any transaction contemplated by the Letter of Intent were entered into between the parties prior to the termination of the Letter of Intent.
https://www.sec.gov/Archives/edgar/data/793306/000101054917000070/bdco8k021617.htm
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