Mainland Resources, Inc. Enters Agreement for Acreage to Test Expanded Haynesville Shale Area in Mississippi
June 23, 2009 9:15 AM EDT
HOUSTON, June 23 /PRNewswire-FirstCall/ -- Mainland Resources, Inc., (OTC Bulletin Board: MNLU 5MN-Frankfurt) a Nevada Corporation (the "Company") has signed a Letter Agreement to acquire up to 8000 net acres in Mississippi. Mainland will own a 100% Working Interest in the acreage and will be the Operator.
The project has been identified using reprocessed seismic, as well as log information, from a well drilled in the early 1980s by a major oil company. That proprietary data shows prospective Bossier/Haynesville Shale and Hosston formations. The Bossier/Haynesville Shale was not considered a viable or economic production resource in the early 80s and therefore, was not validated during drilling to a deeper prospective target. The well was drilled as a controlled blowout through the Bossier/Haynesville Shale to Total Depth.
According to available well logs from drilling, the identified Bossier/Haynesville Shale is demonstrated to be over 2500 feet thick with extremely large pressures up to or exceeding 20,000 psi. The well was still in the Bossier/Haynesville Shale when drilling operations were discontinued due to high pressures, etc. The Bossier/Haynesville Shale is possibly much thicker than 2500 feet, which is several times thicker than the Bossier/Haynesville Shale encountered in NW Louisiana. The density neutron log from the previous drilling also shows good average porosity from 12% to 15%.
Mainland President Mike Newport states, "We like what we see in this prospect and it could be an excellent addition to our Bossier/Haynesville Shale, and Hosston/Cotton Valley assets in NW Louisiana. If the data bares out, this project could be a truly world-class play where our Company is well-positioned in additional significant Bossier/Haynesville shale."
About Mainland Resources, Inc.
Mainland Resources is a junior company engaged in the exploration and development of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of leases in emerging gas regions with the potential for discoveries including the Haynesville shale.
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Symbol: MNLU - OTCBB, Symbol: 5MN; Frankfurt, WKN No.: A0ND6N
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SOURCE Mainland Resources, Inc.