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Oklahoma business briefs for Nov. 14

Oklahoma business briefs for Nov. 14
Published: November 14, 2012
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OKLAHOMA BRIEFS

Entity to buy Graymark shares

A newly formed investment entity, Oklahoma Health Partners, plans to buy 1.4 million shares of Oklahoma City-based Graymark Healthcare for $650,000, or 45 cents a share, Graymark announced Tuesday. The proceeds will be used for general purposes, the company said. The transaction was expected to close by Wednesday. Graymark also announced a plan aimed at cutting expenses by more than $2 million next year. “By reducing our labor force, trimming our corporate expenses and reducing our bad debt, Graymark is committed to right sizing our company for profitability in 2013,” Graymark CEO Stanton Nelson said in a statement issued by the company. Graymark operates sleep diagnosis clinics.

Trust expects no changes

SandRidge Permian Trust is not expected to be affected by its sponsor's potential sale of its holdings in the West Texas oil play, the trust announced Tuesday. SandRidge Energy Inc. announced last week it is exploring the possible sale of its Permian holdings, but the company will retain all acreage within the trust's area and meet its drilling obligation there.

ONEOK holds open season on line

ONEOK Partners LP is holding an open season for its Bakken Natural Gas Liquids Pipeline, the partnership announced Tuesday. The 600-mile pipeline will transport unfractionated liquids from the Williston Basin to another ONEOK Partners pipeline in northern Colorado. The line, which is under construction, is expected to be completed in early 2013. The open season will last until Dec. 17. The partnership also said Monday that has entered into an equity distribution agreement where it can issue up to $300 million in common units. Under the plan, ONEOK Partners has no obligation to issue new units. If units are issued, the partnership said it would use the proceeds for general partnership purposes.

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