Biloxi Marsh Lands Corporation and Lake Eugenie Land & Development, Inc. (LKEU) announced the formation of a subsidiary, B & L Exploration, LLC (BLX). BLX is proportionally owned 75% by BLMC and 25% by LKEU. BLX has developed and placed with the Manti Group five (5) drilling prospects located in St. Bernard Parish, Louisiana targeting natural gas either in the Tex W, Big Hum or Cris I sand intervals. The Manti Group is obligated to drill at least three of the five prospects and hopes to spud the first well located on BLMC's property by February 15, 2007.
Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company's land. The company also derives minimal revenues from surface rentals.