Morgan Creek buys land for oil drilling
Published: September 1,2010
SOUTH MISSISSIPPI — Morgan Creek Energy Corp. of Dallas has entered into agreement to purchase approximately 21,000 net acres of mineral oil and gas leases on lands located in Lamar, Jones and Forrest counties in Mississippi.
The company has entered into this agreement with the mineral leaseholder, Westrock Land Corp., and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75 percent net revenue interest.
Terms for the acreage purchase are the issuance of 15 million shares of common stock in Morgan Creek, which are due and payable by Nov. 30, 2010. The option is valid until Oct. 31, 2010, in which time Morgan Creek will conduct its due diligence.
The acreage prospect exhibits several possible zones of interest creating multiple targets. These include the Tuscaloosa, Eutaw and Haynesville formations.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- GreenTech holds grand opening of neighborhood electric vehicle plant
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Granddaughter of Barq's Root Beer founder dies at 90
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- David Duval, former British Open winner, joins Sanderson Farms field
- Alcorn president launches new customer service task force
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Board authorizes sale of company that owns Silver Slipper Casino