Mainland Resources, Inc. issued an operational update on its oil and gas activities at its properties in Mississippi.
Mainland Resources, Inc. reported that the Burkley-Phillips No.1 well has been successfully drilled to a depth of 16,531 feet, and is on track to reach its total intended depth of 22,200 feet. The company has also logged the well using an electric line and placed casing string into the well.
Mainland Resources, Inc. said that the Burkley-Phillips No.1 well is located in Jefferson County Mississippi. The well has already encountered the Lower Tuscaloosa Massive Sand formation, which is being analyzed by the company.
Mainland Resources, Inc. said that the ultimate formation target of the Burkley-Phillips No.1 well is the Haynesville Shale, a low permeability reservoir that has been successfully drilled by other operators in Texas and Louisiana.
Mainland Resources, Inc. is in the midst of merging with American Exploration Corporation (AEXP) in all stock deal announced in March 2010. The companies recently agreed to an extension of the closing date of the merger to give both parties more time to finish administrative issues related to the deal.
Mainland Resources, Inc. has 17,000 net acres under lease in Mississippi that the company believes is prospective for the Haynesville Shale.
For more information on the company, go to www.mainlandresources.com
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