PLUGGING IN

NGL sells 50 percent stake in pipeline

TULSA — NGL Energy Partners LP has completed the sale of its 50 percent stake in Glass Mountain Pipeline for $300 million.

NGL sold the pipeline interest to a fund managed by BlackRock Real Assets in partnership with Navigator Energy Services. NGL said it plans to use proceeds from the sale to pay a portion of its outstanding debt.

“The closing of the Glass Mountain sale prior to end of the quarter will allow us to reduce our indebtedness and improve our leverage for our fiscal third quarter financial,” said Trey Karlovich, NGL’s executive vice president and chief financial officer. “We are continuing to focus on strengthening our balance sheet through the reduction of leverage and improving our liquidity, credit profile and distribution coverage as we move the partnership forward.”

GRDA sends crews to Virgin Islands

PRYOR — The Grand River Dam Authority this week sent crews to help restore power in the United States Virgin Islands following damage from hurricanes Irma and Maria in September.

The authority sent 10 employees, including electric linemen, mechanics and vegetation management personnel, along with eight vehicles. They will join two other GRDA linemen, who have been helping with the effort in the region since the first week of December. the crews are expected to work on the island for at least 30 days.

“GRDA has a historic commitment to helping others in their time of need. We are honored to be able to provide this assistance at a time when there is such devastation in the Virgin Islands,” GRDA CEO Dan Sullivan said. “Our team of trained power professionals will make a positive difference in rebuilding the Virgin Islands’ energy infrastructure and contribute to the important recovery process.”

Mid-Con Energy sells oil and gas assets

TULSA — Mid-Con Energy Partners LP announced Thursday that it has sold oil and natural gas assets in southern Oklahoma to another Tulsa-based energy company.

Exponent Energy III LLC paid $22 million for the assets in a sale that closed Dec. 22. Mid-Con Energy has also hired Sagent Advisors to help the company explore financing and strategic alternatives, including possible acquisitions, restructuring and merger opportunities.

“We are excited to announce a partnership with Sagent Advisors to help us with opportunities that exist in the marketplace today,” Mid-Con CEO Jeff Olmstead said.

Jericho gets $7M from sale of warrants

TULSA — Jericho Oil Co. has received more than $7 million from the sale of two sets of warrants, the company said Thursday.

In the first sale, Jericho received $4.7 million from the exercise of 7.9 million shares of common stock at an exercise price of 60 cents per share. About 4.2 million of the warrants were exercised by Jericho insiders.

In a separate sale, Jericho arranged an equity financing with three subscribers who bought almost 3.9 million units at a price of 60 cents a unit. Each unit is composed of one common share and one-half warrant, with each full warrant being exercisable into one additional share for 90 cents a share.