v3.5.0.2

SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2016
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On July 1, 2016, the General Partner on behalf of the Partnership, entered into a Retention of Services Agreement with its CEO I.J. “Chip” Berthelot, II. Terms of the Retention of Services Agreement include:
| · |  | retention of the services of I.J. “Chip” Berthelot, II as President and Chief Executive Officer of the General Partner of the Partnership and in a similar position for any of the Partnership’s subsidiaries for which he currently acts in such capacities, from the date of the Retention Services Agreement through March 31, 2017 (the “Retention Period”);
| · |  | General Partner will pay I.J. “Chip” Berthelot, II retention compensation in the amount of $0.5 million payable in three equal installments on each of July 1, 2016, October 1, 2016 and January 1, 2017; and
| · |  | General Partner and I.J. “Chip” Berthelot, II will continue to negotiate in good faith to enter into definitive written agreements regarding further employment prior to the end of the Retention Period.
On August 4, 2016, our wholly-owned subsidiary Marlin Midstream, LLC (“Marlin Midstream”) entered into an Asset Purchase and Sale Agreement (the “Sale Agreement”) with a subsidiary of Align Midstream Partners, LP (“Align”). Pursuant to the Sale Agreement, we sold our 100 MMcf/d Panola I processing plant and our Murvaul pipeline to Align. The Murvaul pipeline consists of approximately 51.1 miles of 4.5” to 12.75” OD steel pipelines, related compression and gathering facilities and associated tracts of real property, surface leases, easements and rights-of-way located in Panola and Rusk Counties, Texas. The purchase price was $44.9 million in cash, less certain agreed-upon adjustments in respect of ad valorem taxes on the assets sold. The Sale Agreement contained customary representations, warranties and indemnification provisions. In connection with the Sale Agreement, Marlin Midstream and Align entered into certain agreements relating to the facilities sold, including a gas gathering agreement and reciprocal gas processing agreements. We also entered into an agreement with Align by which we guaranteed Marlin Midstream’s obligations under the Sale Agreement. The Partnership continues to own and operate the 125 MMcf/d Panola II processing plant located in East Texas.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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