Morgan Creek Energy Corp. announced that the company has signed a contract to acquire 21,000 net acres of oil and gas leases in the southern United States.
Morgan Creek Energy Corp. reported that the oil and gas leases are located in Mississippi in Lamar, Forrest and Jones Counties. Morgan Creek Energy Corp. said that the company would be developing multiple formations on the newly acquired acreage in Mississippi including the Eutaw, Haynesville and Tuscaloosa zones.
Morgan Creek Energy Corp. is purchasing the oil and gas leases from the Westrock Land Corp., which has warranted that the company has clear title to all formations underlying the acreage. Morgan Creek Energy Corp. will issue 15 million shares of the company’s common stock to the Westrock Land Corp. in exchange for the mineral leases. The shares are payable to the seller on November 30, 2010.
Morgan Creek Energy Corp. is an oil and gas exploration and production company focused on the United States. Aside from the newly acquired Mississippi properties, the company has properties prospective for the San Andres formation in the Permian Basin. Morgan Creek Energy Corp. also has properties in Oklahoma where the company is developing two separate zones of the Morrow Sands.
For more information on the company, go to www.morgancreekenergy.com