Refinery Announces Plan To Purchase Flooded Homes

COFFEYVILLE, Kan. (AP) _ A Coffeyville, Kansas, company says it will buy homes that were damaged when its refinery spilled crude oil into floodwaters. Coffeyville Resources' refinery spilled 71,000

Friday, July 20th 2007, 11:33 am

By: News On 6

COFFEYVILLE, Kan. (AP) _ A Coffeyville, Kansas, company says it will buy homes that were damaged when its refinery spilled crude oil into floodwaters. Coffeyville Resources' refinery spilled 71,000 gallons of crude oil during record flooding that devastated the town last month.

It left an oily gunk and spread toward Oologah Lake in Oklahoma but eventually stayed mostly close to the spill site and in South Coffeyville, Oklahoma.

The company says the voluntary program will allow homeowners who qualify to sell the company their homes at a price based on the market value before the flood.

Coffeyville Resources estimated it will offer to buy about 300 homes through the program.

Officials say they will announce the area that qualifies for the program next week.

For more on the program call 1-800-958-5380.

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News Release from Coffeyville Resources:

COFFEYVILLE, Kan. (July 19, 2007) -- The City of Coffeyville and Coffeyville Resources Refining & Marketing, LLC today announce a Residential Purchase Program.

Under the Program, Coffeyville Resources will offer to purchase those residential properties in Coffeyville that are most affected by the flood and subsequent oil spill. The Program will be voluntary on the part of homeowners, who will be given the option to sell their residential property at a price that is calculated on the property's market value prior to the flood. Under the Program, it is expected that Coffeyville Resources will offer to purchase approximately 300 residences.

Both the City of Coffeyville and Coffeyville Resources Refining & Marketing, LLC believe this program will speed recovery efforts within this flood affected area and will help families reestablish their lives.

FOR MORE INFORMATION ABOUT THE PROGRAM
CALL: 1-800-958-5380

An announcement will be made early next week that will show the residential area of Coffeyville which qualifies for the Program and provide further details on the purchase price mechanism which will be used.