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About Mainland Resources, Inc.
12/23/2011
(OTCBB: MNLU)(OTCQB: MNLU)(FRANKFURT: 5MN)(WKN: A0ND6N) announce on December 23, 2011, it reached an Agreement in Principle, subject to certain conditions precedent, including entering into a definitive agreement, to purchase, from the owner, all rights, title and interest in and to approximately 4,580 acres of oil and gas leases located on the Buena Vista prospect in Mississippi (collectively the "Leases"). The Leases were previously held by American Exploration Corporation ("American"). As consideration for the purchase, the Company has agreed to issue 15,000,000 shares of its capital stock to the owner and has agreed to grant the owner a 5 percent working interest, after payout (100% recovery of all drilling and completion costs), of any wells drilled and completed on the approximately 12,800 acres (including the Leases) initially contributed to the Buena Vista Joint Operating Agreement by Mainland and American. The Company closed on December 23, 2011, at $0.175, trading in a fifty-two week range of $1.045 - 0.082.
Mainland and its working interest partners control approximately 17,265 net acres or 28 sections on the Buena Vista prospect area where the Burkley-Phillips No. 1 well was drilled to 22,000 feet, cored and logged. Upon completion of the purchase of the Leases, Mainland would own 92% before payout of approximately 9,040 acres and 72% before payout of the remaining approximately 8,225 acres comprising the total 17,265 acres in the Buena Vista prospect. As recently announced, core analysis has determined that gas in place in the Buena Vista prospect could be up to 500 BCF/section based on the cored interval.
Mainland is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries. For information see: http://www.mainlandresources.com.
Quote:
On April 22, 2010, the Company closed the sale of its Haynesville Shale assets in East Holly Field, DeSoto Parish, Louisiana. The assets have been sold to EXCO Operating Company, LP, a wholly owned subsidiary of EXCO Resources, for $28,159,604 effective January 1, 2010. The Company has sold its 40% working interest in all rights deeper than the base of the Cotton Valley formation (which has been defined to be 100 feet below the stratigraphic equivalent of the Cotton Valley formation and includes all of the Company's producing wells as described above) in the East Holly Field. The Company continues to own a 100% interest in all rights above this depth and specifically, in the Cotton Valley, Hosston and Upper Bossier sections.
The Company has used the proceeds of the sale to fund the drilling of the initial well (designated as the Burkley-Phillips No. 1 Well) on its Buena Vista prospect in Jefferson County, Mississippi, and to retire its debt to Guggenheim Partners LLC. (Refer to Note 9).
Quote:
On April 22, 2010, the Company closed the sale of its Haynesville Shale assets in East Holly Field, DeSoto Parish, Louisiana. The assets have been sold to EXCO Operating Company, LP, a wholly owned subsidiary of EXCO Resources, for $28,159,604. The Company used part of the proceeds to retire its debt to Guggenheim and to re-acquire the overriding royalty interests granted to Guggenheim in the DeSoto Acreage.
Quote:
During fiscal 2011, a shareholder (the "Secured Party") advanced $650,000 to the Company pursuant to a Demand Secured Promissory Note which bears interest at 10% per annum. During the six months ended August 31, 2011, the Secured Party advanced a further $355,000 on the same terms resulting in a total of $1,005,000 owing to this Secured Party.
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Mainland Resources is a junior company engaged in the exploration and development of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of leases in Louisiana's emerging northwestern gas region that is gaining notoriety for recent discoveries in the Haynesville shale.
The Company's Mississippi Prospect is located along the Gulf Coast Salt Basin in a region where Mainland believes there exists an extension of the Haynesville shale similar to the discovery region in Louisiana. After assessing proprietary data on previous drilling of a deep well in the region, management is convinced of its potential for major shale-gas production. The exploration area now extends to over 17,800 acres
http://www.mainlandresources.com
Presentation:
mainlandresources.com/index.php
Read these interviews with Mike Newport
http://www.dolanmedia.com/view.cfm?recID=614765
Mainland CEO with CNBC interview link
http://www.cnbc.com/id/15840232/?video=1591854899&play=1
NEWS:
http://mainlandresources.com/index.php?option=com_content&view=article&id=50&Itemid=57
Tim Ord's report on Mainland --- MUST read
www.top10stockstoday.com/MNLU/MNLU_landing_2011_01_15.html
Merger: AEXP into MNLU
target Date ???, 2012-?.
Financial Report 10Q
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=7357179
SHARE STRUCTURE
600 Million AS
Common Shares Outstanding as of 1/13/12 95,969,502 After buying AEXP acreage
Options - Balance as of 11/30/09 - $1.19 Weighted Average Exercise Price 7,000,000
Note: This estimate does not take into account the impact of the potential issuance of approximately 14.9 million shares and various options and warrants associated with the planned stock for stock merger with American Exploration Corporation.
Overview
Mainland Resources, Inc. is engaged in the exploration and development of two oil and gas prospects in the southern United States. 
The Company's Mississippi Prospect is located along the Gulf Coast Salt Basin in a region where Mainland believes there exists an extension of the Haynesville shale similar to the discovery region in Louisiana. After assessing proprietary data on previous drilling of a deep well in the region, management is convinced of its potential for major shale-gas production. The exploration area now extends to over 17,800 acres.
Mainland has spent considerable time and dedicated its resources to pursue this prospect. Company management is rolling out a comprehensive drilling plan to validate the potential of the Mississippi Haynesville Prospect by mid-2010.
All of Mainland's prospects have been selected based on economics, low-risk to development, and on potential for immediate revenues through discovery of significant natural gas structures and/or accompanying oil. The Company's focus remains the exploration and development Haynesville shale, Cotton Valley/Hosston and Bossier shale projects in the Gulf Coast and Southern USA.
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Acreage and Well summary: ( unofficial)
Mississippi: Buena Vista Prospect - Haynesville formation
Mainland and its working interest partners control approximately 17,265 net acres or 28 sections on the Buena Vista prospect area where the Burkley-Phillips No. 1 well was drilled to 22,000 feet, cored and logged. Upon completion of the purchase of the Leases, Mainland would own 92% before payout of approximately 9,040 acres and 72% before payout of the remaining approximately 8,225 acres comprising the total 17,265 acres in the Buena Vista prospect. As recently announced, core analysis has determined that gas in place in the Buena Vista prospect could be up to 500 BCF/section based on the cored interval.
Mainland is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries. For information see: http://www.mainlandresources.com.
-- 1st well ---Burkley-Phillips No.1 Highly successful
Mississippi: Ford's Creek Prospect - additional acreage
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Murphy Analytics Initiation
Report on MNLU
May 3, 2010
www.murphyanalytics.com/uploads/MNLU_Initiation
Additional coverage:
http://www.top10stockstoday.com/MNLU/MNLU_landing_2011_01_15.html
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Mission and Vision
Mainland Resources, Inc. is a junior independent oil and gas exploration, development and production company seeking crude oil, natural gas, and natural gas resources.
Vision
Mainland Resources, Inc. has acquired an initial prospect and plans to develop a low-risk gas prospect in a widely recognized discovery region. The Company plans to develop its foundation prospect to it fullest potential and maximize opportunities for drilling and as possible, further acquisition of leases in the area.
By developing high quality prospects and employing qualified contract consultants using the industry's leading technology, Mainland Resources, Inc. intends to keep strong control over project costs and success rates. Mainland Resources, Inc.'s strategy is to limit downside risk and become a significant production-oriented developer with bankable reserves built through drilling initiates, joint ventures and by acquisition or merger.
Ultimately, Mainland Resources, Inc. intends to use core group assets to drive its growth in multiples based on participation in successful exploration projects.
Mission
• To build a dynamic oil and gas exploration and production company that delivers on its promise for the successful acquisition, development and production of oil and natural gas resources.
• To operate in an ethical manner in order to become a respected corporate citizen amongst peer companies in the industry.
• To create above average returns for shareholders, partners and stakeholders in the company through carrying out the corporate mission.
Corporate Offices:
Mainland Resources, Inc.
21 Waterway Avenue, Suite 300
The Woodlands, Texas 77380
USA
Email: info@mainlandresources.com
| Contact: | Investor Relations (USA) Investor Relations (Europe) |
Europe telephone
49-69-7593-8408
For Investor relation please contact:
Mike Parker
Main phone: 604-608-6192
