American Exploration money not coming
JEFFERSON COUNTY — Mainland Resources Inc. reports that American Exploration Corporation has failed to fund its 20 percent share of the estimated total well costs of the Burkley-Phillips No. 1 Well on Mainland’s Buena Vista Prospect in Jefferson County.
As a result, American has forfeited its right to a 29 percent working interest in the well and in the prospect in favor of Mainland.
Pursuant to a letter agreement dated Oct. 1, 2009, Mainland and American Exploration agreed to contribute approximately 8,500 net acres and 5,000 net acres, respectively, of contiguous lands for joint development, with Mainland as operator, in the Buena Vista area of Jefferson County.
Mainland and American Exploration are still moving forward with the proposed merger between the two companies that was announced March 23.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Longtime Biloxi mayor Holloway resigns
- Proposed ammo ban empties shelves
- DAVID DALLAS: Tax slasher productions comes to Mississippi
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Hattiesburg wastewater treatment system could cost $152M
- Status of some bills in the Mississippi Legislature
- ASA postmortem: industrial recruiting is a constant cycle of death and life
- Events and Nominations