Mainland Resources provided a corporate update on its Burkley-Phillips No. 1 well drilled on the Buena Vista prospect in Mississippi.
The Company confirms that while there have been delays in accessing the Burkley-Phillips property due to weather and unprecedented flooding, we continue to hold the acreage and all well data including core results and log data supporting previous announcements, which 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. Core results indicate that gas in place in the Bossier Shale could be in excess of 500 Bcf/section.
Current market conditions, as well as low gas prices, have combined to provide a challenge to secure funding for the completion of the Burkley-Phillips well. The Company is considering several alternatives including joint venture partners, sale of non-core assets and equity financing in order to fund the well completion. A completion program has been developed and will be commenced once acceptable funding or partnership and site access issues are resolved.
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