Haynesville, Cotton Valley agreement between Mainland and Petrohawk
Drilling Activity Details
Locations
LA
United States
Operators
Plays
Post Date
Well Name
n/a
Geo Coordinate
Drilling Activity Summary
Description
Houston-based companies Mainland Resources Inc. and Petrohawk Energy Corp. have signed a definitive binding agreement to jointly develop Haynesville shale on Mainland's properties in DeSoto Parish, La. Mainland holds interests in 2,695 net acres in part of Holly East Field. Under the terms, Petrohawk will pay 100% of the development costs for the first well drilled below the Cotton Valley formation and 80% of costs for the second well. Subsequent splits are Petrohawk 60% and Mainland, 40%. Mainland will retain rights to all Cotton Valley and Hosston production on the leases, and Petrohawk will be designated as operator on all development.
Description
Houston-based companies Mainland Resources Inc. and Petrohawk Energy Corp. have signed a definitive binding agreement to jointly develop Haynesville shale on Mainland's properties in DeSoto Parish, La. Mainland holds interests in 2,695 net acres in part of Holly East Field. Under the terms, Petrohawk will pay 100% of the development costs for the first well drilled below the Cotton Valley formation and 80% of costs for the second well. Subsequent splits are Petrohawk 60% and Mainland, 40%. Mainland will retain rights to all Cotton Valley and Hosston production on the leases, and Petrohawk will be designated as operator on all development.