2009-09-24-2009-09-15

Transaction Type
Sellers
Announce Date
Post Date
Estimated Price
0MM
Description

Increased size of planned acquisition of prospective Bossier/Haynesville shale properties to 8,500 net acres.

Mainland Resources Inc., Houston, (OTCBB: MNLU) has increased the size of its planned acquisition of assets in Mississippi by 500 acres from an undisclosed seller for an undisclosed price. Mainland announced on June 23 it planned to acquire 8,000 net acres with intent to test for prospective Bossier/Haynesville shale and Hosston formations. This update raises the acquisition size to 8,500 net acres, and Mainland was to have forwarded $300,000 toward the total purchase price of the acreage by Aug. 31. This extends the option agreement until Oct. 15. Mainland will own a 100% working interest and will be operator an a project that has been identified using reprocessed seismic, as well as log information, from a well drilled in the early 1980s by a major oil company when the Bossier/Haynesville shale was not considered a viable or economic production resource. The well was drilled as a controlled blowout through the Bossier/Haynesville shale to total depth.