Mainland Resources, Inc. (MNLU) Finds Multiple Potential Pay Zones in Buena Vista Well

By @ibtimes on

Mainland Resources, an oil and gas exploration company focused on Louisiana and Mississippi, has announced that their Burkley-Phillips #1 well in the Buena Vista prospect area of southwest Mississippi has revealed multiple potential pay zones, meaning a strong potential to be an economically viable project as the company designs a production plan. The primary zone is a Deep Bossier Shale, in a Bossier Formation interval of at least 2,000 feet, encountered at 19,960 feet. The well was drilled to 22,000 feet.

Analysis shows that the shale rock properties are similar to high productivity Bossier wells in northwest Louisiana and east Texas. Mainland’s President, Mike Newport, said, “Deep Bossier Shales generally have high production rates, so that we can expect greater longevity in the wells that have strong potential for production from other zones, such as the Knowles and Cotton Valley.”

Besides Bossier Shale, data now suggests potential from various well intercepts, including Knowles Lime, Cotton Valley, and Haynesville. There is also the potential for oil within the Tuscaloosa sandstones. The Bossier Section has formations typically associated with high production rates, and the Knowles Lime interval data revealed good porosity and exceptional mud gas suggesting excellent gas production.

Mainland and its working interest partners control 17,800 net acres in the Buena Vista prospect area. The company is currently finalizing a merger with American Exploration Corporation (AEXP.OB), upon completion of which Mainland would hold 92% of the 28 Buena Vista sections. Cored interval data suggests that Buena Vista gas in place could total 500 BCF per section.

Besides the Buena Vista Prospect, Mainland Resources also owns 100% working interest in approximately 1,260 net leasehold acres in the Gulf Coast Basin of southern Mississippi, as well as 100% working interest in 2,640 leasehold acres in northwest Louisiana.

For additional information on Mainland Resources, Inc., visit the company’s website at www.MainlandResources.com

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