Hyperion Energy is declining to renew land purchase options on more than 5000 acres of farmland in Union County, South Dakota.
The company had taken out options on the land for a proposed $10 billion oil refinery.
Hyperion spokesman Eric Williams says that does not mean the project has been cancelled. Williams says the company is evaluating its various options and opportunities and will continue to dialogue with Union County residents.
The move comes just before the South Dakota Supreme Court is scheduled to hear oral arguments Wednesday in a case involving a state air quality permit for the refinery.
Williams says Hyperion still plans to argue the case.