2010-05-06-2010-03-03

To buy company, gaining 5,000 acres in MS Haynesville shale.

Mainland Resources Inc., Houston, (OTCBB: MNLU; Frankfurt: 5MN) plans to acquire its Mississippi Haynesville shale joint-venture partner American Exploration Corp., Calgary, (OTCBB: AEXP; Frankfurt: EQO) for approximately $18 million in stock.

Mainland will pay one share per four shares of American Exploration. American Exploration stockholders will hold approximately 15.6% of Mainland.

In September 2009, Mainland committed 8,500 net acres and American Exploration committed 5,000 net acres to a joint venture to develop the Haynesville shale in Mississippi, with Mainland as operator. Canadian E&P Avere Energy Inc. holds a 20% net interest and Guggenheim Energy Opportunities LLC holds a 5.1% net interest in the project.