The total value for the first two phases of the sale totaled $39.7m.
The consideration for the sale that closed on 30 December 2010 was $28m, comprised of $14m of cash and $14m of restricted MHR common stock.
Approximately $8.5m of cash and approximately $12.6m of MHR common stock were used to reduce the principal balance of the non-recourse QER loan secured by certain Appalachian assets.
The consideration for the sale that closed on 14 January 2011 was $11.7m, comprised of approximately $5.8m of cash and approximately $5.9m of restricted MHR common stock.
Approximately $3.6m of cash and approximately $5.7m of MHR common stock were utilized to reduce the principal balance of the QER loan.
The purchase agreement also provides for MHR to acquire a third, smaller package of assets upon satisfaction of certain events and conditions.
