2009-09-24-2009-09-18

JV to develop 13,500 acres in MS targeting Haynesville shale.

Mainland Resources Inc., Houston, (OTCBB: MNLU) and American Exploration Corp., Calgary, (OTCBB: AEXP) have entered into a joint-venture agreement to develop their contiguous acreage in Mississippi. Mainland will commit approximately 8,500 net acres and American Exploration will commit approximately 5,000 net acres to the project, with Mainland as operator. Mainland will pay 80% of the initial well for a 51% working interest in the well and total project area. American Exploration will pay 20% of the initial to earn a 49% working interest in the well and total project area. Mainland reports the 13,500-acre project area has been completely remapped with reprocessed seismic data, confirming the acreage is prospective for the Haynesville shale.