Mainland reported that further review and analysis of the Core results and Log data for the Burkley-Phillips #1 well indicates that the well hosts multiple potential pay zones including the Bossier Shale, Knowles Lime, Cotton Valley and Haynesville shale intercepts, and in addition has the potential for oil within the Tuscaloosa sandstones.
Mike Newport, President of Mainland Resources stated, "This new data is vitally important to Mainland as we design the production plan at Buena Vista. For instance, this new data revealing what we know as the Deep Bossier Shale is very important as it demonstrates the Burkley-Phillips has a strong potential to be an economically viable project for us."
"Deep Bossier Shales generally have high production rates, so that we can expect greater longevity in the wells that have strong potential for production from other zones, such as the Knowles and Cotton Valley," Newport added.
The analysis of the data has indicated that the primary pay zone is a Deep Bossier Shale, which is within a greater than 2000 foot Bossier Formation interval that was encountered at approximately 19,960 feet. Special Core analysis performed on core cut within the Bossier in the well, suggests that the rock properties of the shales are similar to high productivity Bossier wells in Northwest Louisiana and East Texas. These observations, combined with natural fracturing and very high pressures in excess of 20,000 psi, suggest that the well could have very strong production rates in the Bossier Zone.
The Bossier Section consists of interbedded sandstones, siltstones and shales within a naturally fractured, high-pressure environment. Petrophysical analysis suggests that some of the sandstones have very good conventional porosity. Typical, in these types of formations, production rates are high.
Good porosity is also observed within approximately 70 feet of the overlying Knowles Lime in the Burkley-Phillips #1 well. Petrophysical analysis, as well as exceptional mud gas shows observed while drilling this unit, indicate the potential for excellent gas production within this interval.
Mainland and its working interest partners control in excess of 17,800 net acres or 28 sections on the Buena Vista prospect area where the Burkley-Phillips #1 well was drilled to 22,000 feet, cored and logged. Upon successful completion of its proposed merger with American Exploration, Mainland would own 92% of the 28 sections in the Buena Vista prospect. As recently announced, core analysis has determined that gas in place in the Buena Vista prospect could be up to 500 BCF/section based on the cored interval.
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