Communicators
are winners!
News
18.03.2010
MAINLAND RESOURCES, INC. OPERATIONAL UPDATE, SPRING 2010
MAINLAND RESOURCES, INC. OPERATIONAL UPDATE, SPRING 2010
Houston, Texas – March 16, 2010 – Following the March 15, 2010
announcement that it has entered into a Purchase and Sale Agreement of its producing
Haynesville Shale assets in De Soto Parish, North Louisiana for proceeds of over $27
million, Mainland Resources, Inc. (OTCBB-MNLU, Frankfurt 5MN), a Nevada
Corporation (“Mainland”), provides the following operational update concerning its
current assets and business plan:
Sale of Haynesville Interest (40% working interest):
Mainland Resources has sold a 40% working interest in the Haynesville Shale, which
includes all of the rights 100 feet below the stratigraphic equivalent of the base of the
Cotton Valley formation in the East Holly field, DeSoto Parish, Louisiana. This
represents a 40% working interest in 2,903.07 gross acres or 1,162.3 net acres and
includes all of the Haynesville shale interest of the Company in Louisiana. This sale
does not affect any rights on the DeSoto Parish lease lands tied to formations outside
the described zone.
Further Louisiana Assets (100% working interest):
Following the sale, Mainland retains all rights in 2,745.65 net acres as to all formations
above the base of the Cotton Valley formation, including the Cotton Valley and Hosston
zones, which have an estimated 65 net potential drilling locations. A reserve report was
prepared by T.W. McGuire & Associates, Inc. dated December 9, 2008 for the Griffith
11-#1 well that attributes the Hosston/Cotton Valley formations with gas reserves in
excess of 2 BCF. The three recent wells drilled by the original Operator through these
zones to the Haynesville formation calculate as productive.
Based on the data and economics, Mainland plans to drill three wells as operator in
2010 in the Hosston/Cotton Valley formations on its DeSoto Parish leases. The
Company expects that these formations will provide continual solid pay with little risk and
predicable development costs.
Mississippi Assets (45.9 % working interest):
Mainland plans to drill an initial well on its Buena Vista project in Mississippi in the
Haynesville Shale formation in Q3 2010.
Use Of Proceeds:
Mainland Resources, Inc. intends to use the US$27+ million proceeds of the sale of its
Haynesville Assets to fund the drilling of the initial well on the Buena Vista project in
Mississippi, as well as commence development drilling on the Hosston/Cotton Valley
formations in the East Holly Field, Louisiana, and to retire its debt with Guggenheim
Partners LLC.
About Mainland Resources, Inc.
Mainland Resources is a junior 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)
Tel. 281-469-5990
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. 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-KSB AND ON FORM 10-QSB 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 FORWARD-LOOKING 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 THE NASD, THE SEC AND THE OTCBB 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.
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, Texas – March 16, 2010 – Following the March 15, 2010
announcement that it has entered into a Purchase and Sale Agreement of its producing
Haynesville Shale assets in De Soto Parish, North Louisiana for proceeds of over $27
million, Mainland Resources, Inc. (OTCBB-MNLU, Frankfurt 5MN), a Nevada
Corporation (“Mainland”), provides the following operational update concerning its
current assets and business plan:
Sale of Haynesville Interest (40% working interest):
Mainland Resources has sold a 40% working interest in the Haynesville Shale, which
includes all of the rights 100 feet below the stratigraphic equivalent of the base of the
Cotton Valley formation in the East Holly field, DeSoto Parish, Louisiana. This
represents a 40% working interest in 2,903.07 gross acres or 1,162.3 net acres and
includes all of the Haynesville shale interest of the Company in Louisiana. This sale
does not affect any rights on the DeSoto Parish lease lands tied to formations outside
the described zone.
Further Louisiana Assets (100% working interest):
Following the sale, Mainland retains all rights in 2,745.65 net acres as to all formations
above the base of the Cotton Valley formation, including the Cotton Valley and Hosston
zones, which have an estimated 65 net potential drilling locations. A reserve report was
prepared by T.W. McGuire & Associates, Inc. dated December 9, 2008 for the Griffith
11-#1 well that attributes the Hosston/Cotton Valley formations with gas reserves in
excess of 2 BCF. The three recent wells drilled by the original Operator through these
zones to the Haynesville formation calculate as productive.
Based on the data and economics, Mainland plans to drill three wells as operator in
2010 in the Hosston/Cotton Valley formations on its DeSoto Parish leases. The
Company expects that these formations will provide continual solid pay with little risk and
predicable development costs.
Mississippi Assets (45.9 % working interest):
Mainland plans to drill an initial well on its Buena Vista project in Mississippi in the
Haynesville Shale formation in Q3 2010.
Use Of Proceeds:
Mainland Resources, Inc. intends to use the US$27+ million proceeds of the sale of its
Haynesville Assets to fund the drilling of the initial well on the Buena Vista project in
Mississippi, as well as commence development drilling on the Hosston/Cotton Valley
formations in the East Holly Field, Louisiana, and to retire its debt with Guggenheim
Partners LLC.
About Mainland Resources, Inc.
Mainland Resources is a junior 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)
Tel. 281-469-5990
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. 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-KSB AND ON FORM 10-QSB 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 FORWARD-LOOKING 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 THE NASD, THE SEC AND THE OTCBB 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.
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.