_GENERAL DOCUMENTS - C1981017 (316)

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OFFICE OF GENERAL COUNSEL MID-CONTINENT RESOURCES, INC. P.O.DRAWER 790 818 COLORADO AVENUE TELEPHONE GLENWOOD SPRINGS,COLORADO 81602 FAX AREA CODE 303 AREA CODE 303 945.6546 945-2303 June 27, 1995 RECEIVED JUL 0 3 1995 Mr. Michael B. Long Division Manager Division of Minerals&Geology Division of Minerals and Geology 1313 Sherman Street, Suite 215 Denver, CO 80203 Re: Mid-Continent Resources Reclamation Fund Dear Mr. Long: You will recall that when the Limestone Plant property was sold, $40,000 was held back in escrow at Stewart Title, the Closing Agent, to guarantee removal of structures and clean up. This work has now been completed, the Escrow closed, and check of Stewart Title for the $40,000 with accrued interest is enclosed herewith to apply against the Reclamation Account. The first Forest Service land exchange transaction, being the Wildcat transaction, is moving along well, although slower than we had hoped for. The public comment period has expired without objection; the papers have been processed through the Forest Service offices here and referred to the BLM (there is a piece of BLM land being exchanged) and I believe the BLM has, or will this week, refer the matter to the Solicitor's office for review. Thereupon, we should be able to close. According to Adam Poe of Western Land Group, the Beckett transaction, which is a straight Forest Service exchange, should be ready to close shortly thereafter, as well as the Lindner transaction. The Telluride transaction, which if it proceeds, would take up the remaining portion of the exchange lands, awaits a decision by the Telluride group as to whether they want to go ahead with it this year or not. If not, then Adam Poe advises me that there are other prospective exchange proponents available.