Mainland Resources, Inc. reports the preliminary results from its Ryder Scott Company Petroleum Consultants analysis of Hosston and Cotton Valley reserves at its East Holly Field in De Soto Parish, Louisiana. Based on SEC guidelines and pricing as of December 2010, Ryder Scott reports Net Possible Undeveloped Reserves of 60 Bcf of gas and 226,000 barrels of condensate. Mainland anticipates receiving the formal reserve report in final format within the next two weeks.
Nick Atencio, Mainland’s chief executive officer, states, “Mainland is pleased with the results of the reserves assessment of our East Holly acreage. As the area surrounding our acreage continues to be developed in the Cotton Valley and Hosston intervals, we have retained key acreage allowing us the maximum flexibility and leverage.”
“Also, as the industry’s interest in the potential of the Bossier interval is heating up in this area, we have the potential to realize upside reserves and value that has not been included in the current reserve report,” Atencio adds.
As reported previously, subsequent to divesting its Haynesville rights to EXCO Operating Company, a subsidiary of EXCO Resources, for $28 Million, Mainland retained the rights to the Hosston, Cotton Valley and Upper Bossier intervals within the 2,640 net acres it currently holds in the East Holly Field. Within these retained rights, the company holds a 100% working interest and a 72% revenue interest.
Possible reserves are less certain to be recovered than probable reserves. Estimates of probable and possible reserves are by their nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the company.
Mainland acquired 100% interest in 2,551 acres in East Holly Field in March 2008 from Kingsley Resources Inc. for $687,596.
About Mainland Resources, Inc.
Mainland Resources, Inc. is engaged in the exploration of oil and gas resources. The company’s current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries.
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