Replies to This Discussion

Permalink Reply by john goodday on February 4, 2011 at 2:58

Should we be buying the stock at .80  If the well is non-commercial - you can tear up your tickets.  Otherwise, a good test might cause the stock to move up.  The director at AEXP thinks it will. 

Permalink Reply by Jerry Millstone on February 4, 2011 at 7:35

The last press release from Mainland regarding the core analysis reads to me that the company is confident that the prospect will be commercial. Of course, there are lots of moving pieces to characterizing productivity, but I like the direct quote from Atencio: "Simply put, this is exactly what we would look for in a productive shale gas well."

 

In addition, I have always felt that the confirmed pressure of more than 20,000 psi in the shale confirms the productivity of a well at this depth. Note that the psi rate is double that of some LA shales, and the shale depth is 10x that of LA. 

 

Permalink Reply by Skip Peel - Mineral Consultant on February 8, 2011 at 5:22

I do not recall previous MNLU releases mentioning the Bossier.

Permalink Reply by CRAIG TAYLOR on February 11, 2011 at 11:22

Is it  Possible to havecommercial oil and NG reserves that are commercially viable from the same rig?

Permalink Reply by Checkmateking on February 12, 2011 at 7:06

lots of wells make both oil and gas

Permalink Reply by CRAIG TAYLOR on February 12, 2011 at 7:55

Thanks!

Permalink Reply by Skip Peel - Mineral Consultant on February 14, 2011 at 5:33

Mainland Appoints Michael J. Newport as CEO and Director

 

HOUSTON, Feb. 14, 2011 /PRNewswire/ -- Mainland Resources, Inc. (the "Company" or "Mainland") (OTCQB: MNLU, Frankfurt: 5MN) announces that effective immediately, Michael J. Newport has been appointed to the position of CEO and Director of the Company.

Mike Newport has served Mainland since 2007 as President, leveraging his success as an integral part of the Company's initial development and later, with the sale of Mainland's then only major asset in the Haynesville Shale Region of Louisiana.

Under Mr. Newport's direct guidance, the Company discovered and developed a Haynesville Shale play in the East Holly Field in DeSoto Parish, Louisiana. Mainland developed the field by drilling and completing five Haynesville Shale gas wells with New York stock exchange listed Petrohawk Energy Corporation. Mr. Newport negotiated a credit facility with Guggenheim Partners LLC to fund the drilling of these Haynesville wells.  As the lead negotiator, Mr. Newport also arranged the sale of Mainland's interest in the Haynesville Shale in a single transaction for over $28 million to Exco Operating Company (a subsidiary of Exco Resources, also a NYSE listed company).

Mr. Newport negotiated 100% retention of the shallower zones in the asset sale, which included the Hosston, Cotton Valley, and Upper Bossier formations. The Company recently disclosed that Ryder Scott Company Petroleum Consultants identified Net Possible Undeveloped Reserves of 60 Bcf (Billion Cubic Feet )of gas and 226,000 barrels of condensate/oil, based on SEC guidelines and pricing as of December 2010, on the retained acreage.

Mr. Newport also initiated negotiations with Guggenheim Partners LLC of New York, which resulted in the firm's financing of Mainland's leases of its Mississippi acreage where its Burkley Phillips #1 well was recently drilled. He also facilitated Guggenheim Partner's 8% direct working interest investment in the project.

Mike Newport states, "As our first well in Mississippi enters the next phase, the Company is now preparing for what we feel is a very large project. Moving forward, I am excited to again assume the leadership position and looking forward to repeating our success."

Mr. Newport started his career with Amoco in their New Orleans office in 1979. He was actively involved in supervising brokers and writing all forms of Land Contracts for North and South Louisiana, Mississippi, Alabama and Florida.

He became a District Landman for Harkins & Company in their Jackson, Mississippi office and the next four years with Harkins at their Oklahoma City office, where he was responsible for assembling drilling prospects and all land activities associated with operations across the entire Gulf Coast Region.

Mr. Newport joined Greenhill Petroleum in 1989 in Houston, Texas, where he was the Land Manager in their Permian Basin Region operations. In addition to Land Management activities, he was actively involved in acquisitions and divestitures for Greenhill. Mr. Newport has also spent thirteen years managing brokers for West Texas, South Texas, East Texas, Oklahoma, Mississippi, Alabama and North Louisiana, as well as performing all land management activities for various operators actively drilling and completing wells in these areas.

Mike Newport received a BBA in Finance in June of 1977, an MBA degree in August of 1978 and also completed hours for a Petroleum Land Management degree in May of 1979, all from the University of Oklahoma.

Nick Atencio, has tendered his resignation as CEO and as a Director of the Board, but will continue to actively serve the Company as a technical consultant. Mainland's management and board wish to thank Mr. Atencio for his contribution to the complex process involved in successfully drilling the Burkley Phillips #1 well, now the seventh deepest well drilled on the North American continent in 2010.

About Mainland Resources, Inc.

Mainland Resources, Inc. is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries.

 

Mike Newport video link:

 

http://videos.cinebasti.com/video/_KUwMrdplrM/Haynesville-Shale-and...

Permalink Reply by rusell shleby on February 14, 2011 at 10:54

Looks to me as if Newport was the one in charge of anything profitable to Mainland. What did Atencio ever do positive?

Permalink Reply by Skip Peel - Mineral Consultant on February 14, 2011 at 11:32

Just another in a long history of red flags regarding Mainland Resources.

Permalink Reply by rusell shleby on February 14, 2011 at 11:38

Who said he "left"??

Permalink Reply by Paul M. Hess on February 15, 2011 at 1:12

Whatever the reason, and whichever direction Mr. Atencio takes as to how much he remains active as a consultant, Mainland does appears to be committed to bringing in the Burke-Phillips well. Time and testing will determine feasibility and Mainlands position. Of course, If I presume correctly, being no longer a part of the Mainland management, etc. team, Atencio may buy, or sell, stock in the company without having to report it as an insider trade. In my humble way of thinking. A possibility which is a double edged sword. As now we may ascertain no clue as to what he may be doing with his stocks, if he has any. Plus, he may simply be positioning himself for a career move which may be of benefit in his view. Whatever the case and no matter how dower we may view it, time and Mainlands progress is what will count.

Permalink Reply by Skip Peel - Mineral Consultant on February 15, 2011 at 3:01

Paul, I do not disagree with your assessment.  However it is difficult to accept any seemingly plausible explanations when aware of MNLU's past promotion history and I continually see ads like this:

 

http://ih.advfn.com/p.php?pid=hosted_solus&id=MzcxOA==

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