Mainland Touts 331 Bcfe at 1st Mississippi Well
Mainland has received very positive results from the first 1000 feet of Bossier/Haynesville section 19,980 and 21,040 feet in its Burkley-Phillips No. 1 well.
A Shale Gas Analysis that was just completed by Schlumberger demonstrates 181 BCF Gas In Place (160 BCF Free Gas) within this 1000 foot section.
The new Log and Core data from the Burkley Phillips No. 1 well was used by Schlumberger to calibrate the Chevron CP Long well, (2000 feet away) enabling a Gas in Place calculation for the lower 910 foot Bossier/Haynesville section between 21,040 and 21,950 ft. The Burkley Phillips No. 1 well calculates as 331 BCF Total Gas in place (290 BCF Free Gas in place) per 640 acres for the approximate 2000 ft Bossier/Haynesville section.
Mainland's merger candidate American Exploration, originally engaged Schlumberger to prepare a Gas Shale Analysis for the C.P. Long Well, which is the offset well drilled by Chevron on the site in 1981. This original analysis performed on the 1981 well did not have the modern log and core data sets available from the Burkley Phillips No. 1 well. Sophisticated information from the new well has reinforced the high gas in place interpretation of the original analysis.
Mainland President, Mike Newport stated, "Mainland's management is more than encouraged by these initial numbers. They are better than any of us initially expected and we feel that they may even improve further as we continue our analysis and receive additional core information results from CoreLab. This is exactly why we went after the Burkley Phillips #1 project."