Mainland Resources Inc., Houston, (OTCBB: MNLU) reports its Stevenson Douglas LLC 16 No.1 well on its Desoto Parish, Louisiana leases has been drilled to 10,700 feet and 7.625-inch intermediate casing has been run on the well to this depth.
The rig has now been released. Management is awaiting the scheduled arrival of a larger rig capable of whip stocking the well and drilling the lateral portion of the wellbore. The well showed very similar potentially productive sands in the Hosston and Cotton Valley formations to those discovered in the company's first well drilled, the Griffith 11-1.
Mainland had a third party reserve report prepared on the Griffith well on the Hosston and Cotton Valley formations which gave estimated reserves of 2.14 billion cubic feet of gas per 40 acres in and to the Cotton Valley and Hosston formations.
Mainland will own slightly less than a 100% working interest in and to these zones above the Cotton Valley in and to the Hosston on the Stevenson Douglas 16-1 and a 100% working interest in these zones in the Griffith 11-1.
Mainland Resources has oil and gas assets in the Haynesville shale in northwestern Louisiana.
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