Mainland has acquired a second target prospect for exploration of oil and gas formations in Western Mississippi.
The Company has acquired a 100% working interest in approximately 1,260 net leasehold acres in Western Mississippi, within the same general geological region as the Buena Vista Project in Jefferson County, Mississippi.
Mainland is currently testing the Buena Vista Prospect with the drilling of its Burkley-Phillips No.1 well. The well was spudded on July 21, 2010 and has a projected drilling depth of 22,000 feet, which will test the Haynesville Shale and potentially shallower productive formations.
This new acreage acquired by Mainland is similar to the Buena Vista prospect, as the prospect was originally developed by a major oil company to drill a 20,000-foot plus well in the early 1980s. The deep test drilled was not successful in establishing production in the deep target zone. However, the driller encountered four to five shallower zones that did calculate to be potentially productive. These zones were not of interest in the early 1980s because the major oil and gas companies were looking for very large reserves at the time, and the market prices for fuels could not justify completing costs in these shallower zones.
According to data received by the Company, there is a gas zone at approximately 15,000 feet that had good porosity and mud log shows. There are three to four different Tuscaloosa oil zones between 13,000 feet and 14,000 feet that had good mud log shows and porosity. All the zones calculate to be potentially productive.
This interval includes the Tuscaloosa Marine Shale, an oil-bearing shale known to cover fourteen parishes and counties in Louisiana and Mississippi.
Mainland President, Mike Newport stated, "This is another solid prospect for exploration by Mainland that's very similar to the Buena Vista. The 1260 net acres would support two gas wells at the depth of 15,000 feet. In the event the oil zones are productive, they could support as many as 15 to 16 locations on each of the four oil bearing zones."
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