Morgan Creek buys land for oil drilling

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Published: September 1,2010

Tags: energy, mergers and acquisitions, Oil, oil and gas, oil drilling

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.

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