Replies to This Discussion

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on October 3, 2010 at 12:41

Mainland Resources, Burkley-Phillips #1 reported 70 days drilling ahead @ 16,740' on 10-1-10.

Permalink Reply by Bob Nies on October 3, 2010 at 13:45

Skip,

Thanks....

Bob

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on October 10, 2010 at 12:24

Mainland Resources, Burkley-Phillips #1 reported 77 days drilling ahead @ 17,466' on 10-8-10.

Permalink Reply by Dennis Dion on November 1, 2010 at 2:50

One (1) surface (mineral) acre has eight (8) royalty acres

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on November 1, 2010 at 3:03

And it is likely that some portion of those eight royalty acres are burdened by a royalty to a mineral owner. If that royalty is a quarter (2 RA), then Mainland would be selling 6 royalty acres per net mineral acre. Whether the minerals are covered by a lease with royalty or not, this is quite strange behavior for a company touting the prospects of their "discovery" well and does not support comments made in this discussion that MNLU has a strong capital position based on their $40M line of credit.

landownerPermalink Reply by FXEF on November 1, 2010 at 4:57

Skip,

I understand that one (1) surface (mineral) acre has eight (8) royalty acres.

How was the number eight (8) derived at for royalty acres?

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on November 1, 2010 at 5:03

Royalty acres are based on a one-eighth royalty which was the standard for many years. A net mineral acre contains eight eighths. Under a one-eighth royalty lease each mineral acre contains 8 royalty acres. A lease with a royalty of one quarter makes a net mineral acre equal to 4 royalty acres.

Oil & Gas ProPermalink Reply by William McDonald on September 30, 2010 at 8:49

FYI one reason it took Chevron so long to drill is that they had to rig down I think 3 times because of the Mississippi River rising. Just take a look at a topo and you will see that Ashlan Plt. is overflow river bottom. Supposedly MR spent a lot on roads so this should not be a problem until spring.

Permalink Reply by Michael Lowe on October 15, 2010 at 12:49

Need an update---what is happpening?

Permalink Reply by rusell shleby on October 15, 2010 at 14:35

I know a friend that has a few royality acres for sale under Burkley-Phillips if anyone is intrested?

THanks

Permalink Reply by Bob Nies on October 15, 2010 at 14:41

How many acres.... asking price?

My contact
ndarbob@gmail.com

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on October 15, 2010 at 18:08

Watch it. Careful. Mainland Resources, Burkley-Phillips #1 reported 84 days drilling ahead @ 17,803' on 10-8-10.

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