Sale of Oil and Gas Assets	9 Months Ended
Sep. 30, 2011
Sale of Oil and Gas Assets	3. Sale of Oil and Gas Assets On August 29, 2011, the Company’s subsidiary, Union Energy (Alaska), LLC (“Union”), sold an 81.25% net revenue interest in its East Kurupa Gas Field Prospect Leases to Auxillium Alaska, Inc. (“Auxilium”) for $95,295 and payment of the current years delay rentals. The $95,295 is due November 27, 2011 or the leases revert back to Union. Union retains a 6.25% overriding royalty interest. 6 PETROCORP INC. (An Exploration Stage Company) September 30, 2011 and 2010 Notes to the Consolidated Financial Statements (Unaudited)

Sale of Oil and Gas Assets

9 Months Ended

Sep. 30, 2011

3. Sale of Oil and Gas Assets

On August 29, 2011, the Company’s subsidiary, Union Energy (Alaska), LLC (“Union”), sold an 81.25% net revenue interest in its East Kurupa Gas Field Prospect Leases to Auxillium Alaska, Inc. (“Auxilium”) for $95,295 and payment of the current years delay rentals. The $95,295 is due November 27, 2011 or the leases revert back to Union. Union retains a 6.25% overriding royalty interest.

PETROCORP INC.

(An Exploration Stage Company)

September 30, 2011 and 2010

Notes to the Consolidated Financial Statements (Unaudited)

- Definition

The entire disclosure for sale leaseback transactions. Includes the elements of a transaction involving the sale of property to another party and the lease of the property back to the seller.

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Petrocorp Inc 10-Q