Mainland Resources reported that drilling on its Burkley-Phillips #1 well in Jefferson County, Mississippi reached projected Total Depth ("TD") of 22,000 feet on Dec. 27, 2010.
The well is now being logged and interpreted by both the Company's geological and geophysical team, and by the Company's technical consultant, Schlumberger.
Nick Atencio, Mainland CEO stated, "Reaching the Total Depth is an important milestone for us, since it is the last stage in the drilling process. We have reached this stage well ahead of schedule given the well complexity and the sheer magnitude of drilling below a depth of four miles. Now we can move on to the work at hand – namely determining our path to completion."
Mainland Resources is drilling the Burkley-Phillips well in order to test the Haynesville Shale capacity in this newly developed area of Mississippi. To date, drilling costs for the well are $9.2 million.
The Company will now set casing in preparation for well completion.
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