Document:

Exhibit
10.115

 

	
  

  	
  DCP MIDSTREAM 

  6120 S. Yale,
  Suite 1100 

  Tulsa, OK 74136 

  918 492 3331

  

 

May 21,
2009

 

WO OPERATING COMPANY

PO BOX 960

PAMPA, TX  790660960

 

Re:          Gas Purchase Contract No. BOR067500B, Panhandle Area

 

Dear Producer:

 

Effective April 1, 2009,
DCP Midstream, LP, as buyer under the captioned Contract, will begin remitting
to you for gas purchases under the Contract the applicable Contract percentages
the values that DCP actually receives for pentanes and heavier (C5+) natural gas liquids or
NGL components and for Y-2 Product.  We
are making this price change under price provisions quoted in Attachments 1 and
2 to this letter.  For example, the
Attachment 1 provision states in part that “Buyer shall not be
obligated to make payment to Seller based on any price which Buyer for any
reason does not receive or retain, and may adjust purchase prices accordingly.”

 

This change is necessary
because of an NGL sale price redetermination with our NGL purchaser that
significantly increased the transportation and fractionation deduction and
reduced the price for Panhandle Region C5+ NGLs and for Y-2 Product at the
Sherhan, Dumas, Sneed, Rock Creek, and Gray Plants, effective as of January 1,
2009.  There will be no pricing changes
for residue gas or for ethane, propane, or butanes NGL components, or for
contracts that do not contain the Attachment 1 or 2 pricing language.  Overall, these price changes for the heavier
NGL components will affect only about one third of our volumes handled in the
Panhandle region, even though we suffered the NGL sale price decrease to
virtually our entire volume of NGL sales from the area.

 

If you have any questions or
require additional information, do not hesitate to call your Commercial
Accounts Manager at the above listed number.

 

	
   

  	
  Yours very truly,

  
	
   

  	
   

  
	
   

  	
  DCP MIDSTREAM, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/  Mark B. Concienne

  
	
   

  	
   

  	
  Mark Concienne

  
	
   

  	
   

  	
  Managing Director — Panhandle

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  www.dcpmistream.com

  
				

 

 

Attachment
1

to
Letter dated May 21, 2009

 

5.7          Buyer shall have the right in its sole
discretion to negotiate and to renegotiate sales contracts from time to time as
market conditions change.  Buyer shall
not be obligated to make payment to Seller based on any price which Buyer for
any reason, including without limitation renegotiations of and collections
under sales contracts or refusal or inability of purchaser(s) or
transporter to pay, does not receive or retain in sales rates.  Should Buyer make payment to Seller based on
a price for which it is subsequently determined that Buyer has not received or
retained, then the price thereafter to be paid shall be accordingly reduced,
and upon notice to Seller by Buyer, Seller will refund to Buyer or Buyer may at
its option recoup any previous excess payment against subsequent payments due.

 

(Generally, this language is
found in Section 5.7 of the applicable Contracts.)

 

Attachment
2

to
Letter dated May 21, 2009

 

5.4          Allocation of Residue Gas and NGL’s;
Buyer Resales.  Buyer will determine
the residue gas and NGS’s allocable to Seller on a proportional basis by
component using the definitions stated in Exhibit A, Paragraphs A(g), (k),
and (o).  From time to time Buyer may
make adjustments in its allocation methods in order to improve allocation
accuracy. Buyer shall have the right in its sole discretion to negotiate and
renegotiate resale contracts.  Buyer
shall not be obligated to make payment to Seller based on any price which Buyer
for any reason does not receive or retain, and may adjust purchase prices
accordingly.  There are no third party
beneficiaries of Buyer’s sales contracts or of this Contract.

 

(Generally this language is
found in Section or Paragraph 5.4 of the applicable Contracts.)Exhibit
10.116

 

	
  

  	
  DCP MIDSTREAM

  6120 S. Yale,
  Suite 1100

  Tulsa, OK 74136

  918 492 3331

  

 

May 21,
2009

 

WO OPERATING COMPANY

PO BOX 960

PAMPA, TX  790660960

 

Re:          Gas Purchase Contract No. BOR118000R, Panhandle Area

 

Dear Producer:

 

Effective April 1,
2009, DCP Midstream, LP, as buyer under the captioned Contract, will begin
remitting to you for gas purchases under the Contract the applicable Contract
percentages the values that DCP actually receives for pentanes and heavier (C5+) natural gas liquids or
NGL components and for Y-2 Product.  We
are making this price change under price provisions quoted in Attachments 1 and
2 to this letter.  For example, the
Attachment 1 provision states in part that “Buyer shall not be
obligated to make payment to Seller based on any price which Buyer for any
reason does not receive or retain, and may adjust purchase prices accordingly.”

 

This change is necessary
because of an NGL sale price redetermination with our NGL purchaser that
significantly increased the transportation and fractionation deduction and
reduced the price for Panhandle Region C5+ NGLs and for Y-2 Product at the
Sherhan, Dumas, Sneed, Rock Creek, and Gray Plants, effective as of January 1,
2009.  There will be no pricing changes
for residue gas or for ethane, propane, or butanes NGL components, or for
contracts that do not contain the Attachment 1 or 2 pricing language.  Overall, these price changes for the heavier
NGL components will affect only about one third of our volumes handled in the
Panhandle region, even though we suffered the NGL sale price decrease to
virtually our entire volume of NGL sales from the area.

 

If you have any questions or
require additional information, do not hesitate to call your Commercial
Accounts Manager at the above listed number.

 

	
   

  	
  Yours very truly,

  
	
   

  	
   

  
	
   

  	
  DCP MIDSTREAM, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/  Mark B. Concienne

  
	
   

  	
   

  	
  Mark Concienne

  
	
   

  	
   

  	
  Managing Director — Panhandle

  

 

	
   

  	
   

  	
  www.dcpmistream.com

  

 

 

Attachment
1

to
Letter dated May 21, 2009

 

5.7          Buyer shall have the right in its sole
discretion to negotiate and to renegotiate sales contracts from time to time as
market conditions change.  Buyer shall
not be obligated to make payment to Seller based on any price which Buyer for
any reason, including without limitation renegotiations of and collections
under sales contracts or refusal or inability of purchaser(s) or
transporter to pay, does not receive or retain in sales rates.  Should Buyer make payment to Seller based on
a price for which it is subsequently determined that Buyer has not received or retained,
then the price thereafter to be paid shall be accordingly reduced, and upon
notice to Seller by Buyer, Seller will refund to Buyer or Buyer may at its
option recoup any previous excess payment against subsequent payments due.

 

(Generally, this language is
found in Section 5.7 of the applicable Contracts.)

 

Attachment
2

to
Letter dated May 21, 2009

 

5.4          Allocation of Residue Gas and NGL’s;
Buyer Resales.  Buyer will determine
the residue gas and NGS’s allocable to Seller on a proportional basis by component
using the definitions stated in Exhibit A, Paragraphs A(g), (k), and
(o).  From time to time Buyer may make
adjustments in its allocation methods in order to improve allocation accuracy.
Buyer shall have the right in its sole discretion to negotiate and renegotiate
resale contracts.  Buyer shall not be
obligated to make payment to Seller based on any price which Buyer for any
reason does not receive or retain, and may adjust purchase prices accordingly.  There are no third party beneficiaries of Buyer’s
sales contracts or of this Contract.

 

(Generally this language is
found in Section or Paragraph 5.4 of the applicable Contracts.)Exhibit
10.117

 

	
  

  	
  DCP MIDSTREAM

  6120 S. Yale, Suite 1100

  Tulsa, OK  74136

  918 492 3331

  

 

May 21,
2009

 

WO OPERATING COMPANY

PO BOX 960

PAMPA, TX  790660960

 

Re:          Gas Purchase Contract No. BOR118100*, Panhandle Area

 

Dear Producer:

 

Effective April 1,
2009, DCP Midstream, LP, as buyer under the captioned Contract, will begin
remitting to you for gas purchases under the Contract the applicable Contract
percentages the values that DCP actually receives fro pentanes and heavier (C5+) natural gas liquids or
NGL components and for Y-2 Product.  We
are making this price change under price provisions quoted in Attachments 1 and
2 to this letter.  For example, the
Attachment 1 provision states in part that “Buyer shall not be
obligated to make payment to Seller based on any price which Buyer for any
reason does not receive or retain, and may adjust purchase prices accordingly.”

 

This change is necessary
because of an NGL sale price redetermination with our NGL purchaser that
significantly increased the transportation and fractionation deduction and
reduced the price for Panhandle Region C5+ NGLs and for Y-2 Product at the
Sherhan, Dumas, Sneed, Rock Creek, and Gray Plants, effective as of January 1,
2009.  There will be no pricing changes
for residue gas or for ethane, propane, or butanes NGL components, or for
contracts that do not contain the Attachment 1 or 2 pricing language.  Overall, these price changes for the heavier
NGL components will affect only about one third of our volumes handled in the
Panhandle region, even though we suffered the NGL sale price decrease to
virtually our entire volume of NGL sales from the area.

 

If you have any questions or
require additional information, do not hesitate to call your Commercial
Accounts Manager at the above listed number.

 

	
   

  	
  Yours very truly,

  
	
   

  	
   

  
	
   

  	
  DCP MIDSTREAM, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark B. Concienne

  
	
   

  	
   

  	
  Mark Concienne

  
	
   

  	
   

  	
  Managing Director – Panhandle

  

 

www.dcpmistream.com

 

 

Attachment
1

to
Letter dated May 21, 2009

 

5.7                               Buyer
shall have the right in its sole discretion to negotiate and to renegotiate
sales contracts from time to time as market conditions change.  Buyer shall not be obligated to make payment
to Seller based on any price which Buyer for any reason, including without limitation
renegotiations of and collections under sales contracts or refusal or inability
of purchaser(s) or transporter to pay, does not receive or retain in sales
rates.  Should Buyer make payment to
Seller based on a price for which it is subsequently determined that Buyer has
not received or retained, then the price thereafter to be paid shall be
accordingly reduced, and upon notice to Seller by Buyer, Seller will refund to
Buyer or Buyer may at its option recoup any previous excess payment against
subsequent payments due.

 

(Generally, this language is
found in Section 5.7 of the applicable Contracts.)

 

Attachment
2

to
Letter dated May 21, 2009

 

5.4                               Allocation
of Residue Gas and NGL’s; Buyer Resales.  Buyer will determine the residue gas and NGS’s
allocable to Seller on a proportional basis by component using the definitions
stated in Exhibit A, Paragraphs A(g), (k), and (o).  From time to time Buyer may make adjustments
in its allocation methods in order to improve allocation accuracy. Buyer shall
have the right in its sole discretion to negotiate and renegotiate resale
contracts.  Buyer shall not be obligated
to make payment to Seller based on any price which Buyer for any reason does
not receive or retain, and may adjust purchase prices accordingly.  There are no third party beneficiaries of Buyer’s
sales contracts or of this Contract.

 

(Generally this language is
found in Section or Paragraph 5.4 of the applicable Contracts.)

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