Mainland Resources, Inc. reported that the Company joined a select group of E&P companies when it reached an industry recognized milestone by drilling to a depth of four miles at its Burkley-Philips #1 well in Jefferson County, Mississippi.
Nick Atencio, Mainland CEO states, "Drilling to this depth is a tribute to the planning, focus and uncompromising execution delivered by the many experienced specialists involved in this project both from within the company and from the dedicated service companies that have made the commitment to drill this well as efficiently as possible. We are proud to join the ranks of some of the very best E&P companies in the world who can claim the achievement of drilling to the depth of four miles below the Earth's surface."
As of December 16, 2010, the Burkley-Phillips #1 well is drilling at a depth of 21,143 feet on its way to a Total Depth of 22,000 feet. Drilling costs are $8.4 million to date. As previously reported, the Company believes it will reach its programmed total depth ahead of schedule.
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.
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