Tuesday, February 3, 2009

Haynesville Shale: Desoto Parish Well 2009

Mainland Resources ( MNLU ) has come out and reported a huge Natural Gas well result today, February 3, 2009. MNLU is announcing that their first Haynesville Shale well is hitting 23.3 mmcfe in the DeSoto Parish area.

Mainland Resources ( MNLU ) reports that the Company and its operator have placed the Griffith 11 #1 well in DeSoto Parish, Louisiana on production. The Griffith 11 #1(Section 11, 13N, 14W) had an initial production rate of 23.3 Mmcfe/d on a 28/64” choke with 7,550# flowing casing pressure. The Griffith 11 #1 is the first well to be drilled with the Company’s operator in the Haynesville shale on its leases. Mainland owns a 40% Working Interest in this well and all subsequent Haynesville wells to be drilled on its leases. Mainland Resources is also formalizing plans to drill and complete in the Hosston/Cotton Valley formations on its Louisiana property.

The Company received a Reserve Report in December 2008 that shows Proved Undeveloped Reserves of 2.143 Bcf in these formations from a single future twin to the current well. This estimate is based on 40-acre well spacing. Mainland holds a 100% Working Interest in all rights above the base of the Cotton Valley formation, including the Hosston, in 2,695 net acres. Company President, Mike Newport states, “We have validated our model to drill to the Haynesville shale on our DeSoto Parish leases and have our first producing Haynesville gas well on line. Our commitment now is to use this success across the entire project so that Mainland gets the maximum value from its unique position in this major gas play."

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