Mainland Resources, Inc., a Nevada Corporation reports that its joint venture partner and operator has commenced drilling operations on its second well to evaluate additional potential of the Haynesville Shale gas formation on Mainland's Louisiana leases.
The Company recently reported the first well drilled on the prospect as the Griffith 11 No. 1 had produced .568 BCF from the Haynesville Shale as of March 10, 2009. Mainland Resources, Inc. holds interest in approximately 2,695 net acres, which form part of the East Holly Field in DeSoto Parish, northwest Louisiana.
The second well, the Stevenson Douglas LLC. 16 No. 1, has spud and the operator is currently cementing surface casing at about 1800 feet. The well is expected to be drilled to approximately 12,000 feet or a depth to sufficiently test the Haynesville Shale formation.
The JV partner will pay approximately 80% of the well costs to the pipeline and Mainland will pay approximately 20% of the costs. The Operator will own an approximate 60% working interest and Mainland will own an approximate 40% working interest. Mainland will own 100% of all rights above the base of the Cotton Valley formation.
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