Mainland Resources Inc. is an oil and gas exploration company focused on acquiring and developing leases in emerging gas regions, with a primary focus on the Haynesville Shale in Mississippi.
The company today announced it has penetrated the top of the target Haynesville Shale at a depth of 19,980 feet at its Burkley-Phillips #1 well on the Buena Vista prospect, which was developed to explore this largely unexplored section of the Haynesville Shale.
As of today, Mainland is drilling ahead at 20,078 feet on its vertical well and the company said it remains on track to reach the programmed depth of 22,000 feet. Upon meeting this goal, the company will log and evaluate the shale selection with Schlumberger and industry leading technology to confirm reservoir parameters. The evaluation is also hoped to confirm the company’s contention that an extensive natural fracture system exists within the Haynesville Shale.
Recognizing the well’s full potential will allow the company to better estimate its production rates.
“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, and based on our past experience in the Haynesville Shale, this prospect could result in multiples of reserves and value when compared to our successful De Soto Parish development. The analysis of the data currently being captured from this well will enable us to more accurately define potential gas reserves and production rates,” Nick Atencio, Mainland CEO stated in the press release.
To date, Mainland has spent $7.6 million drilling the well in a “timely and cost efficient manner.”
For information visit www.mainlandresources.com