Mainland Resources, Inc. reported that a well that the company is drilling in Mississippi has reached the Haynesville Shale, the formation the company was targeting. Mainland Resources reported that the drilling has reached the top part of the Haynesville Shale at 20,078 vertical feet.
Mainland Resources, Inc. plans to log the well and evaluate the prospectively of the Haynesville Shale using resources from inside and outside the company. The company is also evaluating the Haynesville Shale formation in Mississippi, which is outside the traditional area that the exploration and production industry has been developing. Mainland Resources believes that the region may have oil and gas in enough quantities to make development commercial.
“Mainland is now drilling into the primary target interval of the Haynesville Shale. Our exploration concept is that the Buena Vista structure has the potential for a significant accumulation of gas, based on our past experience in the Haynesville Shale,” said Nick Atencio, the CEO of Mainland Resources, Inc.
Mainland Resources, Inc. reported that the drilling of the Burkley Phillips well has cost $7.6 million to date.
For more information on the company, go to www.mainlandresources.com