Mainland announced that effective immediately, Michael J. Newport has been appointed to the position of CEO and Director of the Company.
Mike Newport has served Mainland since 2007 as President, leveraging his success as an integral part of the Company's initial development and later, with the sale of Mainland's then only major asset in the Haynesville Shale Region of Louisiana.
Under Mr. Newport's direct guidance, the Company discovered and developed a Haynesville Shale play in the East Holly Field in DeSoto Parish, Louisiana. Mainland developed the field by drilling and completing five Haynesville Shale gas wells with New York stock exchange listed Petrohawk Energy Corporation. Mr. Newport negotiated a credit facility with Guggenheim Partners LLC to fund the drilling of these Haynesville wells. As the lead negotiator, Mr. Newport also arranged the sale of Mainland's interest in the Haynesville Shale in a single transaction for over $28 million to Exco Operating Company (a subsidiary of Exco Resources, also a NYSE listed company).
Mr. Newport negotiated 100% retention of the shallower zones in the asset sale, which included the Hosston, Cotton Valley, and Upper Bossier formations. The Company recently disclosed that Ryder Scott Company Petroleum Consultants identified Net Possible Undeveloped Reserves of 60 Bcf (Billion Cubic Feet )of gas and 226,000 barrels of condensate/oil, based on SEC guidelines and pricing as of December 2010, on the retained acreage.
Mr. Newport also initiated negotiations with Guggenheim Partners LLC of New York, which resulted in the firm's financing of Mainland's leases of its Mississippi acreage where its Burkley Phillips #1 well was recently drilled. He also facilitated Guggenheim Partner's 8% direct working interest investment in the project.
Mike Newport stated, "As our first well in Mississippi enters the next phase, the Company is now preparing for what we feel is a very large project. Moving forward, I am excited to again assume the leadership position and looking forward to repeating our success."
Mike Newport received a BBA in Finance in June of 1977, an MBA degree in August of 1978 and also completed hours for a Petroleum Land Management degree in May of 1979, all from the University of Oklahoma.
Nick Atencio, has tendered his resignation as CEO and as a Director of the Board, but will continue to actively serve the Company as a technical consultant. Mainland's management and board wish to thank Mr. Atencio for his contribution to the complex process involved in successfully drilling the Burkley Phillips #1 well, now the seventh deepest well drilled on the North American continent in 2010.
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