Mainland Sells DeSoto Parish, Louisiana East Holly Leases to Sklar Exploration Company LLC Press Release

HOUSTON, TEXAS--(Marketwire - Nov. 30, 2011) - Mainland Resources, Inc., (the "Company") (OTCBB:MNLU)(OTCQB:MNLU)(FRANKFURT:5MN)(WKN:A0ND6N) announces the sale of its East Holly Leases in DeSoto Parish Louisiana to Sklar Exploration Company LLC of Shreveport Louisiana ("Sklar").
The East Holly Leases represent non-producing acreage, held by production, in all formations above the base of the Cotton Valley formation in the East Holly Field encompassing 2,640.6 net acres. These leases were retained by Mainland from its sale of Haynesville Shale assets to EXCO Operating Company, LP., a wholly owned subsidiary of Exco Resources for US$28,159,000, effective January 1, 2010.
Sklar paid a total purchase price of $530,200 which represents $200 per net acre. The transaction was brokered by Meagher Energy Advisors of Englewood, Colorado.
The Company used the proceeds of the sale to re-pay, in part, a secured creditor of the Company.
About Mainland Resources, Inc.
Mainland and its working interest partners control in excess of 17,800 net acres or 28 sections on the Buena Vista prospect area where the Burkley-Phillips No. 1 well was drilled to 22,000 feet, cored and logged. Upon successful completion of its proposed merger with American Exploration, Mainland would own 92% of the 28 sections in the Buena Vista prospect. As recently announced, core analysis has determined that gas in place in the Buena Vista prospect could be up to 500 BCF/section based on the cored interval.
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. For information see: http://www.mainlandresources.com.