Rockefeller Hughes Corporation has closed an exchange agreement with our partner in the Halo Project in East Texas. Under the terms of the agreement Rockefeller has acquired all our partner's Buda/Georgetown rights in exchange for half of Rockefeller's 50% share of the Eagle Ford rights. As a result of this exchange, Rockefeller will own 95% of the Buda/Georgetown rights (with 5% being owned by a third party) and 25% of the Eagle Ford rights.
Rockefeller remains operator in the Buda/Georgetown while our partner becomes operator in the Eagle Ford. As part of the deal, Rockefeller has received cash consideration of US $3,899,850, plus additional acreage and a producing well. Updated working interest and acreage ownership are posted on the Company's website (www.rockefellerhughes.com) and a presentation is available for review.