Mainland Resources has reported on drilling progress on its Stevenson Douglas LLC. 16 No.1 well, the Company's second well drilled on its Desoto Parish, Louisiana leases.
The Stevenson Douglas LLC. 16 No.1 well has been successfully drilled to a depth of 10,700 feet and 7 5/8 inch intermediate casing has been run on the well to this depth. The rig has now been released.
Management is awaiting the scheduled arrival of a larger rig capable of whip stocking the well and drilling the lateral portion of the wellbore. The well was logged to a depth of 10,700 feet and it showed very similar potentially productive sands in the Hosston and Cotton Valley formations to those discovered in the Company's first well drilled, the Griffith 11-1. The Company had a third party reserve report prepared on the Griffith well on the Hosston and Cotton Valley formations which gave estimated reserves of 2.14 BCF per 40 acres in and to the Cotton Valley and Hosston formations.
Mainland will own slightly less than a 100% working interest in and to these zones above the Cotton Valley in and to the Hosston on the Stevenson Douglas 16-1 and a 100% working interest in these zones in the Griffith 11-1.
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