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HOLDEN & JESSOP, P.C. <br /> I ATTORNEYS AT LAW <br /> M <br /> 303 EAST 17*. AVENUE, SUITE 930 <br /> DENVER, COLO RADO 80203-)264 ILJ/[RFg YV71r��D <br /> (303) 860.7700 <br /> FACSIMILE (303) 660-7233 1095 <br /> 2 ) <br /> October 3 , 1995 <br /> OFFICE OFTK <br /> VIA HAND DELIVERY r�4?'JI'�IZIvT-yGE.',EIZ4L <br /> Cheryl A. Linden <br /> Assistant Attorney General <br /> 1525 Sherman Street, 5th Floor <br /> Denver, Colorado 80203 <br /> Re : Mid-Continent Resources, Inc . ( "MCR" ) ; Postmining <br /> Uses/Funding of Bankruptcy Plan <br /> Dear Cheryl : <br /> This letter follows up on the August 29 meeting attended <br /> by you and Mike Long for the DMG, Lou LaGiglia and me for the <br /> Creditors' Trust, and John Reeves, Bob Delaney, and Diane Delaney <br /> for MCR. <br /> Status of Liquidation Program <br /> To summarize some matters discussed at the meeting, Mr. <br /> LaGiglia is proceeding with four land exchanges involving the U. S . <br /> Forest Service . One of those exchanges has closed and we expect <br /> the remaining exchanges to close by the end of the year. The sale <br /> OIL the first parcel (Wildcat) netted approximately $346, 000, which <br /> was used to clear accumulated real estate taxes, as contemplated by <br /> the Bankruptcy Plan. The sales of the three remaining parcels -- <br /> Beckett , Linder, and Teleride -- is expected to net approximately <br /> $1 . 1 million. <br /> At that point, only three parcels of real property will <br /> remain to be sold: <br /> - - the Preparation Plant Tract, comprising about 450 <br /> acres in Coal Basin, including the tunnel portals and the <br /> Lamphouse; <br /> - - the Unit Train Loadout , which includes MCR' s offices, <br /> a large structure formerly used for coal storage which <br /> has been converted into a warehouse, and the train <br /> loadout facility; and <br /> -- the Coke Oven Tract , comprising about 9 acres near the <br /> Town of Redstone . <br /> C \JBH\MIDCON\LINDEN22 <br />