Mainland Resources, Inc. (OTCBB: MNLU) has announced the closing of $3.2 million from Guggenheim Corporate Funding LLC to complete the purchase of the 8,225 net oil and gas lease acres covering the Mississippi Project and to pay off their previous bridge loan with Guggenheim.
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Mainland Resources has entered into a two year $40 million senior secured advancing line of credit agreement with Guggenheim. The senior secured advancing line of credit provides that affiliate Guggenheim Energy Opportunities, LLC, will participate for 10% of Mainland's working interest in the drilling and development of the Mississippi project.
About Mainland Resources, Inc.
Mainland Resources is a publicly traded energy company engaged in the exploration and production of oil and gas resources. The Company seeks to add shareholder value by focusing on the continued development of its producing assets in the Haynesville Shale and the acquisition and development of leases in emerging oil and gas regions with the potential for significant discoveries.
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