2011-06-21-2011-06-08

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To buy company that owns and operates Lake Hermitage Field in Plaquemines Parish, LA, gaining 160 BO/d & 240,000 Cf/d.

Mesa Energy Holdings Inc., Dallas, (OTCBB: MSEH) plans to acquire Covington, La.-based Tchefuncte Natural Resources LLC for an undisclosed price.

Tchefuncte Natural Resources owns and operates Lake Hermitage Field in Plaquemines Parish, La. Total mineral acreage held by production is approximately 3,578 acres.

Production in the field averages approximately 160 barrels of oil and 240,000 cubic feet of gas per day. Cash flow to Tchefuncte's interest averages approximately $310,000 per month from six productive wells.

The owners of Tchefuncte will join Mesa's management team.

Mesa chief executive Randy M. Griffin says, "The acquisition of a Louisiana operator with this level of production and reserves will give us a significant foothold on the Gulf Coast. The Lake Hermitage Field has stable existing production and we believe there is excellent upside potential from a number of drilling and recompletion opportunities."

The deal is expected to close by early July.