Mainland Resources extends oil, gas leases at Haynesville Shale property

Source: Mainland Resources

Mainland Resources, Inc. (OTCQB: MNLU) announces the successful negotiation of lease extensions for their Buena Vista acreage in Jefferson County, Mississippi. At this date, greater than 95% of the acreage that will expire in 2011 has been successfully extended into 2012 thereby giving the Company select primary term leasehold acreage expiring in 2012 and 2013. 

Previously the Company reported that their Burkley-Phillips #1 well was successfully drilled and logged, and production casing was set at a depth of 22,000 feet within this acreage holding. An analysis of the Haynesville Shale, and other prospective intervals, utilizing logs and a full core taken from the well are proceeding as anticipated. 

Nick Atencio, Chief Executive Officer of Mainland states, "Retaining this acreage into 2012 and 2013 is a fundamental part of our business plan in the Buena Vista Haynesville Shale operating area. As we move our program into the analysis and testing phases, the retention of key acreage positions assures our ability to expand the play and to maximize shareholder value."

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