Mainland to Further Explore Potential of Existing Portfolio
Mainland has engaged two companies to perform two independent expert studies to define resource and exploration potential in two of its operating areas.
In the East Holly operating area in De Soto Parish, Louisiana, Mainland has engaged Ryder Scott Company to quantify its resources in the Hosston and Cotton Valley intervals encountered while drilling five wells to develop the Haynesville formation. The Company owns approximately 2,640 acres in this area with a working interest of 100%.
In the Buena Vista operating area in Jefferson County, Mississippi, the Company has engaged Subsurface Consultants & Associates, LLC (SCA) to analyze the exploration potential of the Lower Tuscaloosa Massive Sand encountered while drilling the shallow section of the Burkley-Phillips #1 well. The Company is currently drilling the Burkley-Phillips #1 well at 18,619 feet as of November 8, 2010 with the objective to drill to a programmed depth of 22,000 feet to test the Haynesville. The Company owns approximately 17,800 contiguous acres in this area with an average, post American Exploration merger, working interest of approximately 92%.
Nick Atencio, CEO, stated, "The engagement of these well known and respected companies will assist us in further defining the resource and exploration potential of specifically identified assets within our existing portfolio. This will allow Mainland to more confidently quantify these assets and define appropriate action plans for each."