Quarterly report pursuant to Section 13 or 15(d)

8. Subsequent Events

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8. Subsequent Events
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
8. Subsequent Events

Kinder Morgan Crude & Condensate, LLC Lease Agreement

 

On July 15, 2014, the Company entered into an Equipment Lease/Option to Purchase Agreement with Kinder Morgan (see Note 4).

 

TransCanada Keystone Pipeline, L.P. Lease Agreement

 

On July 15, 2014, TransCanada notified the Company of TransCanada’s election to cancel, effective October 15, 2014. In exercising its termination right under the Lease, TransCanada stated: “The justification for the early termination is due to the project working to expedite the required testing and believes the full term of the lease is unnecessary to successfully complete testing.” The Lease continues to be effective through October 15, 2014, and testing of the Company’s Equipment on TransCanada’s pipeline in Wichita, Kansas is ongoing. Data generated by, and results of the testing, have not yet been determined (see Note 4).