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23.04.2010
MAINLAND RESOURCES, INC. CLOSES SALE OF ITS HAYNESVILLE SHALE ASSETS WITH EXCO OPERATING COMPANY, LP FOR OVER US$28 MILLION
MAINLAND RESOURCES, INC. CLOSES SALE OF ITS HAYNESVILLE SHALE ASSETS WITH EXCO OPERATING COMPANY, LP FOR OVER US$28 MILLION
HOUSTON, TX – April 22, 2010 - Mainland Resources, Inc. (the “Company” or
“Mainland”) (OTCBB: MNLU, Frankfurt 5MN) reports that the Company has successfully
closed the sale of its Haynesville Shale assets in East Holly Field, DeSoto Parish,
Louisiana. The assets have been sold to EXCO Operating Company, LP, a wholly
owned subsidiary of EXCO Resources (NYSE – XCO), for US$28,159,000, effective
January 1, 2010.
Mainland has sold its 40% working interest in all rights deeper than the base of the
Cotton Valley formation (which has been defined to be 100 feet below the stratigraphic
equivalent of the Cotton Valley formation) in the East Holly Field. Mainland continues to
own a 100% interest in all rights above this depth, and specifically, in the Cotton Valley,
Hosston and Upper Bossier sections.
The Company intends to use the proceeds of the sale to fund the drilling of the initial well
(designated as the Burkley-Phillips No. 1 Well) on its Buena Vista prospect in Jefferson
County, Mississippi, as well as to commence development drilling on the Hosston/Cotton
Valley formations in the East Holly Field, and to retire its debt to Guggenheim Partners
LLC.
The rights retained by Mainland in all formations above the base of the Cotton Valley
formation in the East Holly Field encompasses 2,745.65 net acres with an estimated 65
net potential drilling locations. The four recent wells drilled by the original Operator
through the Hosston and Cotton Valley zones to the Haynesville formation calculate as
productive.
Based on the data and economics, Mainland plans to drill three wells as operator in the
Hosston/Cotton Valley formations in 2010, and also to evaluate the shale gas production
value of the Upper Bossier formation on its DeSoto Parish leases. The Company
expects that these formations will provide continual solid pay with little risk and
predictable development costs.
As previously disclosed in its news release dated March 25, 2010, Mainland, as
operator, intends to drill the Burkley-Phillips No. 1 well to the Haynesville Shale
formation on its Buena Vista prospect in Mississippi, where it currently holds in excess of
17,000 acres. The well is expected to be drilled to a total depth of 22,000 feet or a depth
sufficient to evaluate the Haynesville Shale formation. Drilling is expected to commence
in the latter part of the second quarter of 2010.
About Mainland Resources, Inc.
Mainland Resources is an independent company engaged in the exploration and
development of oil and gas resources. The Company’s current initiatives are focused on
the acquisition and development of leases in emerging gas regions with the potential for
discoveries including the Haynesville shale.
Symbol: MNLU – OTCBB, Symbol: 5MN; Frankfurt, WKN No.: A0ND6N
Contact: Investor Relations (USA)
Toll-Free +1-877-662-3668
Investor Relations (Europe)
Tel. +49-69-7593-8408
SAFE HARBOR STATEMENT -THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND
SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN
THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND
INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE
FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS
RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS.
STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY,
FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR
“EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS INCLUDED IN THIS NEWS RELEASE CONSIST OF STATEMENTS RELATING TO THE COMPANY’S
PLANS TO COMMENCE DRILLING OF UP TO THREE WELLS IN THE HOSSTON/COTTON VALLEY FORMATIONS
OF THE EAST HOLLY FIELD, AS WELL AS THE BURKLEY-PHILLIPS NO. 1 WELL. RISKS AND UNCERTAINTIES
FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY
DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL
REPORT ON FORM 10-K AND ITS QUARTERLY REPORTS ON FORM 10-Q, AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS
ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL
REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS
WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARDLOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS
CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS,
PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN
THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. EACH OF FINRA, THE SEC AND THE BRITISH COLUMBIA SECURITIES
COMMISSION NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS
NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY
NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC
The Company and American Exploration Corporation intend to file certain materials with
the United States Securities and Exchange Commission in connection with the proposed
merger transaction between the parties announced on March 23, 2010, including the filing by the Company with the SEC of a Registration Statement on Form S-4, which will
include a preliminary prospectus and related materials to register the securities of the
Company to be issued in exchange for securities of American Exploration. The
Registration Statement will incorporate a joint proxy statement/ prospectus that the
Company and American Exploration plan to file with the SEC and mail to their respective
stockholders in connection with obtaining stockholder approval of the proposed merger.
The Registration Statement and the proxy statement/prospectus will contain important
information about the Company, American Exploration, the merger and related matters.
Investors and security holders are urged to read the Registration Statement and the
proxy statement/prospectus carefully when they are available. Investors and security
holders will be able to obtain free copies of the Registration Statement and the proxy
statement/prospectus when they become available, and other documents filed with the
SEC by the Company and American Exploration, through the web site maintained by the
SEC at www.sec.gov. The Company’s security holders will also receive information at
an appropriate time on how to obtain these documents free of charge from the
Company. In any event, documents filed by the Company with the SEC may be
obtained free of charge by contacting the Company at: Mainland Resources, Inc.;
Attention: Mr. William Thomas, CFO; 21 Waterway Avenue, Suite 300, The Woodlands,
Texas 77380; Facsimile: (713) 583-1162.
Each of the Company and American Exploration, and their respective directors and
executive officers, also may be deemed to be participants in the solicitation of proxies
from their respective stockholders in connection with the transaction described herein.
Information regarding the special interests of these directors and executive officers in the
transaction described herein will be included in the proxy statement/prospectus
described above.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=US5606131010">http://www.irw-press.com/alert_subscription.php?lang=en&isin=US5606131010</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
HOUSTON, TX – April 22, 2010 - Mainland Resources, Inc. (the “Company” or
“Mainland”) (OTCBB: MNLU, Frankfurt 5MN) reports that the Company has successfully
closed the sale of its Haynesville Shale assets in East Holly Field, DeSoto Parish,
Louisiana. The assets have been sold to EXCO Operating Company, LP, a wholly
owned subsidiary of EXCO Resources (NYSE – XCO), for US$28,159,000, effective
January 1, 2010.
Mainland has sold its 40% working interest in all rights deeper than the base of the
Cotton Valley formation (which has been defined to be 100 feet below the stratigraphic
equivalent of the Cotton Valley formation) in the East Holly Field. Mainland continues to
own a 100% interest in all rights above this depth, and specifically, in the Cotton Valley,
Hosston and Upper Bossier sections.
The Company intends to use the proceeds of the sale to fund the drilling of the initial well
(designated as the Burkley-Phillips No. 1 Well) on its Buena Vista prospect in Jefferson
County, Mississippi, as well as to commence development drilling on the Hosston/Cotton
Valley formations in the East Holly Field, and to retire its debt to Guggenheim Partners
LLC.
The rights retained by Mainland in all formations above the base of the Cotton Valley
formation in the East Holly Field encompasses 2,745.65 net acres with an estimated 65
net potential drilling locations. The four recent wells drilled by the original Operator
through the Hosston and Cotton Valley zones to the Haynesville formation calculate as
productive.
Based on the data and economics, Mainland plans to drill three wells as operator in the
Hosston/Cotton Valley formations in 2010, and also to evaluate the shale gas production
value of the Upper Bossier formation on its DeSoto Parish leases. The Company
expects that these formations will provide continual solid pay with little risk and
predictable development costs.
As previously disclosed in its news release dated March 25, 2010, Mainland, as
operator, intends to drill the Burkley-Phillips No. 1 well to the Haynesville Shale
formation on its Buena Vista prospect in Mississippi, where it currently holds in excess of
17,000 acres. The well is expected to be drilled to a total depth of 22,000 feet or a depth
sufficient to evaluate the Haynesville Shale formation. Drilling is expected to commence
in the latter part of the second quarter of 2010.
About Mainland Resources, Inc.
Mainland Resources is an independent company engaged in the exploration and
development of oil and gas resources. The Company’s current initiatives are focused on
the acquisition and development of leases in emerging gas regions with the potential for
discoveries including the Haynesville shale.
Symbol: MNLU – OTCBB, Symbol: 5MN; Frankfurt, WKN No.: A0ND6N
Contact: Investor Relations (USA)
Toll-Free +1-877-662-3668
Investor Relations (Europe)
Tel. +49-69-7593-8408
SAFE HARBOR STATEMENT -THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND
SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN
THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND
INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE
FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS
RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS.
STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY,
FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR
“EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS INCLUDED IN THIS NEWS RELEASE CONSIST OF STATEMENTS RELATING TO THE COMPANY’S
PLANS TO COMMENCE DRILLING OF UP TO THREE WELLS IN THE HOSSTON/COTTON VALLEY FORMATIONS
OF THE EAST HOLLY FIELD, AS WELL AS THE BURKLEY-PHILLIPS NO. 1 WELL. RISKS AND UNCERTAINTIES
FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY
DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL
REPORT ON FORM 10-K AND ITS QUARTERLY REPORTS ON FORM 10-Q, AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS
ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL
REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS
WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARDLOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS
CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS,
PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN
THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. EACH OF FINRA, THE SEC AND THE BRITISH COLUMBIA SECURITIES
COMMISSION NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS
NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY
NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC
The Company and American Exploration Corporation intend to file certain materials with
the United States Securities and Exchange Commission in connection with the proposed
merger transaction between the parties announced on March 23, 2010, including the filing by the Company with the SEC of a Registration Statement on Form S-4, which will
include a preliminary prospectus and related materials to register the securities of the
Company to be issued in exchange for securities of American Exploration. The
Registration Statement will incorporate a joint proxy statement/ prospectus that the
Company and American Exploration plan to file with the SEC and mail to their respective
stockholders in connection with obtaining stockholder approval of the proposed merger.
The Registration Statement and the proxy statement/prospectus will contain important
information about the Company, American Exploration, the merger and related matters.
Investors and security holders are urged to read the Registration Statement and the
proxy statement/prospectus carefully when they are available. Investors and security
holders will be able to obtain free copies of the Registration Statement and the proxy
statement/prospectus when they become available, and other documents filed with the
SEC by the Company and American Exploration, through the web site maintained by the
SEC at www.sec.gov. The Company’s security holders will also receive information at
an appropriate time on how to obtain these documents free of charge from the
Company. In any event, documents filed by the Company with the SEC may be
obtained free of charge by contacting the Company at: Mainland Resources, Inc.;
Attention: Mr. William Thomas, CFO; 21 Waterway Avenue, Suite 300, The Woodlands,
Texas 77380; Facsimile: (713) 583-1162.
Each of the Company and American Exploration, and their respective directors and
executive officers, also may be deemed to be participants in the solicitation of proxies
from their respective stockholders in connection with the transaction described herein.
Information regarding the special interests of these directors and executive officers in the
transaction described herein will be included in the proxy statement/prospectus
described above.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=US5606131010">http://www.irw-press.com/alert_subscription.php?lang=en&isin=US5606131010</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.