Petrohawk-Griffin #1 11(13-14) DeSoto Ph., LA
MNLU .........I bought this stock today.
See press release:
Mainland Resources Places First Haynesville Shale Well on Production at 23.3 Million Cubic Feet Natural Gas Per Day Rate
Published: February 3, 2009
HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Mainland Resources, Inc., a Nevada corporation (the "Company") (OTC Bulletin Board MNLU; 5MN-Frankfurt) reports that the Company and its operator have placed the Griffith 11 #1 well in DeSoto Parish, Louisiana on production. The Griffith 11 #1(Section 11, 13N, 14W) had an initial production rate of 23.3 Mmcfe/d on a 28/64" choke with 7,550# flowing casing pressure.
The Griffith 11 #1 is the first well to be drilled with the Company's operator in the Haynesville shale on its leases. Mainland owns a 40% Working Interest in this well and all subsequent Haynesville wells to be drilled on its leases.
Mainland Resources is also formalizing plans to drill and complete in the Hosston/Cotton Valley formations on its Louisiana property. The Company received a Reserve Report in December 2008 that shows Proved Undeveloped Reserves of 2.143 Bcf in these formations from a single future twin to the current well. This estimate is based on 40-acre well spacing.
Mainland holds a 100% Working Interest in all rights above the base of the Cotton Valley formation, including the Hosston, in 2,695 net acres.
Company President, Mike Newport states, "We have validated our model to drill to the Haynesville shale on our DeSoto Parish leases and have our first producing Haynesville gas well on line. Our commitment now is to use this success across the entire project so that Mainland gets the maximum value from its unique position in this major gas play."
See press release:
Mainland Resources Places First Haynesville Shale Well on Production at 23.3 Million Cubic Feet Natural Gas Per Day Rate
Published: February 3, 2009
HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Mainland Resources, Inc., a Nevada corporation (the "Company") (OTC Bulletin Board MNLU; 5MN-Frankfurt) reports that the Company and its operator have placed the Griffith 11 #1 well in DeSoto Parish, Louisiana on production. The Griffith 11 #1(Section 11, 13N, 14W) had an initial production rate of 23.3 Mmcfe/d on a 28/64" choke with 7,550# flowing casing pressure.
The Griffith 11 #1 is the first well to be drilled with the Company's operator in the Haynesville shale on its leases. Mainland owns a 40% Working Interest in this well and all subsequent Haynesville wells to be drilled on its leases.
Mainland Resources is also formalizing plans to drill and complete in the Hosston/Cotton Valley formations on its Louisiana property. The Company received a Reserve Report in December 2008 that shows Proved Undeveloped Reserves of 2.143 Bcf in these formations from a single future twin to the current well. This estimate is based on 40-acre well spacing.
Mainland holds a 100% Working Interest in all rights above the base of the Cotton Valley formation, including the Hosston, in 2,695 net acres.
Company President, Mike Newport states, "We have validated our model to drill to the Haynesville shale on our DeSoto Parish leases and have our first producing Haynesville gas well on line. Our commitment now is to use this success across the entire project so that Mainland gets the maximum value from its unique position in this major gas play."
Views: 61
Replies to This Discussion
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Permalink Reply by Bobi Carr ("parker") on -
FYI - Petrohawk says 69.33 BCF per section for HS.
Parker - no expert, bless my soul
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Permalink Reply by Jay Murrell on
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Parker:
Based on available data I believe that with 40M shares outstanding this stock has significant upside potential @ $5/share.
If you have access to a broker who understands how to value this kind of equity, then you should ask them those questions.
I am really not qualified (or interested) in getting into a blog argument about stock valuations.
I like the stock, I am buying it, I have provided press releases and given my opinion of the people involved, that’s about it.
Best,
Jay
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Permalink Reply by Bobi Carr ("parker") on
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Jay,
I thought you were buying mineral interest, not pumping a stock.
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Permalink Reply by Jay Murrell on
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If there were some royalty or mineral interests available I would buy if the price were right.
However, that usually takes time and effort and is often impossible to locate. What's the difference between royalty and stock if the stock is fairly priced? I'm not too excited about having a working interest in one of these Haynesville wells. They can turn into money disposal projects if there are mechanical problems.
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