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r I OFFICE OF GENERAL COUNSEL <br /> MID-CONTINENT RESOURCES, INC. <br /> P.O.DRAWER 790 <br /> 818 COLORADO AVENUE <br /> TELEPHONE GLENWOOD SPRINGS,COLORADO 81602 FAX <br /> AREA CODE 303 AREA CODE 303 <br /> 945-6546 945.2303 <br /> January 31, 1994 <br /> Mr. Michael B. Long <br /> Division Director <br /> Division of Minerals and Geology <br /> 1313 Sherman Street, Room 215 <br /> Denver, CO 80203 <br /> Dear Mr. Long: <br /> Some weeks ago, at a meeting in your offices in Denver <br /> you indicated we should proceed with efforts to sell the Rock Dust <br /> Plant property. <br /> I have been forwarding offers and communications <br /> concerning sale of the property to the Division with no response. <br /> One of the offers was from Pete Lien & Sons for $310, 000 <br /> on the machinery and equipment and $100,000 on the land, with <br /> several conditions that would not be acceptable. Mr. Lien has <br /> indicated a disposition to negotiate or vary these conditions. <br /> Enclosed herewith is a letter from Mr. Dale Eubank <br /> offering $140, 600 cash at closing on the real estate only. <br /> I anticipate another offer will be coming in through a <br /> real estate broker for more money than that on the real estate. <br /> Machinery & Equipment Company/King (with whom the <br /> Division had discussions about sale over a period of time) have <br /> i1id:icated additional prospects in the near term for offers on the <br /> machinery and equipment and have requested recognition on any such <br /> offers in which they were involved for a 20% commission on <br /> machinery and equipment. <br /> Our objective is to try to get this property under <br /> contract within the next few weeks for the best price and under the <br /> most favorable terms available and thereafter proceed toward <br /> approval of sale through the Bankruptcy Court. I hope we are <br /> proceeding in the right direction on this in accordance with your <br /> wishes. <br />