Mainland Receives Positive Results from Core Analysis on Buena Vista Proj.
Mainland has received positive results from the first series of core analysis performed on its Haynesville/Bossier Shale operating area in Jefferson County, Mississippi.
The core was taken from 20,415 feet to 20,436 feet measured depth (or a total core of twenty-one feet) from the Burkley-Phillips #1 well prior to the well reaching a total depth (TD) of 22,000 feet. The reservoir characteristics observed in the cored interval were found to be consistent with other gas producing shales when compared to an existing dataset of gas producing shales. The extreme over-pressure observed in Mainland's well is expected to enhance gas storage capacity, supporting an even greater gas reserves upside for the Buena Vista prospect.
Mainland can now confirm that the mineralogy and Total Organic Carbon (TOC) percentage measured are within prospective ranges for the shale-dominated reservoir encountered. Porosity, permeability and water saturation values were also calculated. These values have been plotted against other known gas producing shale reservoirs and been used to "fingerprint" the reservoir, allowing the Company to draw direct comparison with regards to shale gas potential.
Mainland CEO Nick Atencio stated, "The initial results from the core analysis provide very encouraging insights into the gas potential of the deep section of the Burkley-Phillips #1 well. The fact that we are over pressured lends itself to larger gas recoveries within smaller pore spaces and the laboratory measurement of gas filled porosity supports the multiple mud log gas shows seen while drilling the well through this interval. Simply put, this is exactly what we would look for in a productive shale gas well. We are looking forward to the ongoing assessments as they further refine the prospectivity of this well."
The results of these analysis have been reviewed and corroborated by independent experts who possess an extensive database of core analysis from shale gas formations throughout the southern United States. The Burkley-Phillips #1 core data was compared to these known producing shales, with results supporting excellent gas potential within the Burkley-Phillips #1 well.
Mainland's management believes that this fullcore is an extremely valuable data source, unique to the region, and that it will prove to be of critical importance in unlocking the shale gas value in the area.'