Mainland Resources, Inc. and JV Partner Spud First Haynesville Shale Well on the Companys DeSoto Parish, Louisiana Propertyadmin
Mainland Resources, Inc., a Nevada corporation reports that its JV Partner and operator has commenced drilling operations on the first JV well to evaluate potential of the Haynesville Shale gas formation on Mainland’s Louisiana leases.
Mainland Resources, Inc. holds interest in approximately 2,695 net acres, which form part of the East Holly Field in DeSoto Parish, northwest Louisiana.
The Griffith No. 1-H well is the first well to be drilled on Mainland’s property based on Company data and proximity to several vertical Haynesville wells waiting on completion, two horizontal wells being drilled, and another Haynesville well recently permitted. The JV Partner and operator will pay 100% of the costs of this first well drilled on Mainland’s leases to earn 60% of the first well as part of its agreement with the Company.
Company President, Mike Newport states, “We are now drilling the first of what we believe could potentially be many wells on our DeSoto Parish Leases. Management expects that this new well will provide results showing the gas potential of the Haynesville shale on our property.”
According to industry sources, the Haynesville Shale is now regarded as the 4th largest natural gas field in North America, with the leading exploration company in the play announcing it is projecting 52 BCF (Billion Cubic Feet) of recoverable gas per section in the Haynesville fairway.
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.