Mainland Resources has signed a Letter Agreement to acquire up to 8000 net acres in Mississippi. Mainland will own a 100% Working Interest in the acreage and will be the Operator.
The project has been identified using reprocessed seismic, as well as log information, from a well drilled in the early 1980s by a major oil company. That proprietary data shows prospective Bossier/Haynesville Shale and Hosston formations. The Bossier/Haynesville Shale was not considered a viable or economic production resource in the early 80s and therefore, was not validated during drilling to a deeper prospective target. The well was drilled as a controlled blowout through the Bossier/Haynesville Shale to Total Depth.
According to available well logs from drilling, the identified Bossier/Haynesville Shale is demonstrated to be over 2500 feet thick with extremely large pressures up to or exceeding 20,000 psi. The well was still in the Bossier/Haynesville Shale when drilling operations were discontinued due to high pressures, etc. The Bossier/Haynesville Shale is possibly much thicker than 2500 feet, which is several times thicker than the Bossier/Haynesville Shale encountered in NW Louisiana. The density neutron log from the previous drilling also shows good average porosity from 12% to 15%.
Mainland President Mike Newport states, "We like what we see in this prospect and it could be an excellent addition to our Bossier/Haynesville Shale, and Hosston/Cotton Valley assets in NW Louisiana. If the data bares out, this project could be a truly world-class play where our Company is well-positioned in additional significant Bossier/Haynesville shale."
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