Mainland Resources reported that its JV Partner and operator has commenced drilling operations on the first JV well to evaluate potential of the Haynesville Shale gas formation on Mainland's Louisiana leases.
Mainland holds interest in approximately 2,695 net acres, which form part of the East Holly Field in DeSoto Parish, northwest Louisiana.
The Griffith No. 1-H well is the first well to be drilled on Mainland's property based on Company data and proximity to several vertical Haynesville wells waiting on completion, two horizontal wells being drilled, and another Haynesville well recently permitted. The JV Partner and operator will pay 100% of the costs of this first well drilled on Mainland's leases to earn 60% of the first well as part of its agreement with the Company.
Company President, Mike Newport stated, "We are now drilling the first of what we believe could potentially be many wells on our DeSoto Parish Leases. Management expects that this new well will provide results showing
According to industry sources, the Haynesville Shale is now regarded as the 4th largest natural gas field in North America, with the leading exploration company in the play announcing it is projecting 52 BCF (Billion
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