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Yes, and interesting that AEXP rallied here days before we got the news!!! Very interesting! I suspect from reading the fine print that the unnamed secured investor (which is and was a major stockholder, insider, and who violated SEC regs by not disclosing his controlling interest), is non other than the crook that should be in Jail already, Brent Pierce!! Looks to me like he plans to take over 100% of the remains of MNLU in BK and finish screwing over the MNLU shareholders.
Where is the SEC?????
Finally, some closure. I sold everything 1.5 yrs ago but still check in from time to time.
Everyone resigned from Mainland today!!!!
'bad markets' and a 'secured creditor' who refused to lend the company anymore money.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
January 29, 2013
Date of Report (Date of earliest event reported)
MAINLAND RESOURCES, INC.
(Exact name of registrant as specified in its charter)
NEVADA
000-52782
90-0335743
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
21 Waterway Avenue, Suite 300 The Woodlands, Texas 77070
(Address of principal executive offices) (Zip Code)
(281) 469-5990
Registrant's telephone number, including area code
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
x
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 5 - CORPORATE GOVERNANCE AND MANAGEMENT
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
On January 29, 2013, the Board of Directors of Mainland Resources Inc., a Nevada corporation (the "Company"), held a directors meeting (the "Board of Directors Meeting"). During the Board of Directors Meeting, all of the members of the Board of Directors and executive officers tendered their respective resignations effective as of January 29, 2013 as follows: (i) Michael J. Newport as the President/Chief Executive Officer and member of the Board of Directors; (ii) William D. Thomas as the Secretary/Treasurer/Chief Financial Officer and a member of the Board of Directors; (iii) Peter G. Wilson as a member of the Board of Directors; and (iv) Gerry Jardine as a member of the Board of Directors.
During the Board of Directors Meeting, there was considerable discussion regarding the respective resignations, their fiduciary duties and general circumstances and reasons for the resignations, including the actions undertaken by the Board of Directors and executive officers over the past two years to manage, oversee and monitor the Company’s business in such difficult and adverse conditions Several of the factors considered by the members during the Board of Directors Meeting include, but are not limited to, the following:
·
The Company commenced drilling the Burkley-Philllips No. 1 well (on the Buena Vista prospect comprising over 17,000 gross acres in Mississippi) in July 2010 and drilling costs were estimated to be $8.700,000 and completion costs at $5,000,000. The initial agreement would have had American Exploration, Inc. ("American Exploration"), thru a joint venture deal with Avere, to contribute over $2,000,000 to the well costs and Guggenheim would contribute 10% of the costs of drilling and completion. American Exploration did not make its contribution in response to the initial cash call as their arrangement with Avere fell thru leaving the Company responsible for funding 90% of the drilling and completion costs.
·
The Company and American Exploration attempted a merger which commenced in March 2010. The potential merger with American Exploration would have increased the asset base in the event the merger was consummated with the Company being the surviving corporation. Despite considerable efforts by the officers and directors of both companies to comply with filing requirements and SEC comments on the S-4 prospectus, which resulted in legal fees in excess of $300,000, the Company was unable to obtain SEC acceptance of the merger. Accordingly, the merger was terminated effective December 21, 2011 pursuant to that certain termination and release agreement. This had a serious financial impact on the Company.
·
American Exploration previously held an option to acquire interests in certain oil and gas leases in the Buena Vista prospect pursuant to an option agreement of which it was deemed to be in default. This resulted in an automatic forfeiture and transfer of the leases by American Exploration back to the original owners and thus American Exploration no longer had the asset base that it intended to contribute thus compromising the merger with the Company. The Company eventually had to purchase this defaulted acreage from the original owner by issuance of a substantial numbers of common shares which also adversely affected the Company’s financial condition.
2
·
Since March 2010, directors and officers of the Company have focused on raising funds to meet the financial requirements of drilling and completing the Burkley Phillips #1 well but have had to contend with several adverse factors. These include: (i) an adverse shale gas market, which saw natural gas prices decline significantly; (ii) the fact that the well had dry gas and no condensates, which put the project at a competitive disadvantage for potential investors; and (iii) the total forecasted well costs increased by over $4,000,000 as the Company had to engineer for the potential for H2S (hydrogen sulphide) at the high pressures in such a deep well (over 20,000 feet in pressures of over 20,000 psi). The Company also had to focus on drilling the well in a safe and efficient manner and obtained all necessary technical data, including cutting a core at depth, logging and relevant analysis all of which was required to demonstrate the well’s potential to prospective investors.
·
There were two funding deals that were initially approved (one for $2,000,000 and another for $1,000,000) by investors in late 2010/early 2011. However, both these funding deals were subsequently terminated likely due to collapse of natural gas prices. This left the Company without the funds to complete the well, now estimated at $7-8,000,000, of which the Company would need to fund 90%.
·
Any funding during 2011 and to date has been entirely provided by a secured creditor. These funds have been used to cover various legal and regulatory filing requirements to keep the Company compliant.
·
In November 2011, the Company closed an amendment and restatement of lease acquisition agreement dated October 1, 2011 with Sklar Exploration Company, LLC ("Sklar"), pursuant to which the Company sold its East Holly Leases in DeSoto Parish, Louisiana to Sklar. Proceeds of this sale were used to partially pay back the secured creditor.
·
During the period since the well was drilled, the Company's asset base has diminished and as a result of the sale of the interest in the East Holly Leases, as of the current date, the Company has no proved oil and natural gas reserves. There are no tangible assets remaining in the Company, only the technical data obtained on the well.
·
The officers and directors of the Company have shown the Buena Vista project to over 100 potential investors over the last two years, and most recently, a group of Korean investors who are interested in the LNG potential of the prospect. However, the Company has been unable to consummate a deal given the adverse market aforementioned.
·
As of the current date, the Company has no funds in the bank, the secured creditor refuses to advance any more funds, several creditors have judgments against the Company for outstanding payables, there are $1,155,000 in liens against the well and the leases in the Buena Vista area are about to expire. The Board has concluded that they will be unable to secure any further funding and, as such, have decided to resign from the Company.
·
The Company's main leases expired on January 31, 2013 when the Company failed to repay a promissory note to the leaseholders. The note was arranged to give the Company an extension. The company has advised the leaseholders that the Company is not able to execute the extension due to lack of funding.
·
As of the current date, there are accrued management fees in excess of $700,000 and the Company has no financial resources to be able to pay its executives a current salary or their accrued salary (a portion of the amount owing to the executives was converted to shares in late 2012 but these are restricted shares that will have no value under the current circumstances so the executives have not been paid for over two years). The executives need to earn a living and thus must move on to other companies and avoid potential conflicts of interest with the Company.
3
The Company’s legal counsel was consulted regarding resignation of all members of the Board of Directors and the executive officers and this action was deemed the best possible course of action and in the best interests of the Company's shareholders. The Board has considered the applicability of NRS 78.630, i.e. that when a corporation becomes insolvent or suspends its ordinary business for want of money to carry on the business, or if its business has been and is being conducted at a great loss and greatly prejudicial to the interest of its creditors or stockholders, any creditors holding 10 percent of the outstanding indebtedness, or stockholders owning 10 percent of the outstanding stock entitled to vote, may, by petition setting forth the facts and circumstances of the case, apply to the Nevada district court for a writ of injunction and the appointment of a receiver or receivers or trustee.
It is on this basis and these considerations that the members of the Board of Directors and executive officer have concluded that resignation is the only viable alternative.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro forma Financial Information.
Not applicable.
(c) Shell Company Transaction.
Not applicable.
(d) Exhibits.
Not applicable.
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MAINLAND RESOURCES, INC.
DATE : February 7, 2013
By: /s/ William Thomas
William Thomas
Chief Financial Officer
5
Since my measly 12000 shares is now more measly 1200 shares I would be will to say ..... BOO
We need to hire an MNLU ghost whisperer, LOL
Have a Seance!!
Because it is!
This place looks like a ghost town!
These folks just want to push the price to .50 and dump for a quick buck...imho no one in their right mind would ever lend this pig lipstick
My thoughts exactly!
It may be a prelude to a large dump!!!! To miss lead and suck in bids for a dip.
I wonder if the same person sold AEXP and bought MNLU today?
Good question!
I will never, ever buy this one again!
One has to wonder who in their right mind would be buying this stock.
Time to short this pig, LOL, JK, maybe time for them buy a truck load of lipstick for this smoked PIG!!!
Look out BELOW! She gone!
Looks like she is singing the BLUES!!!!! MNLU blues that is, down 27%
I think the fat lady sang today!
Fat lady is not singing yet, LOL. It is playing possum right now, LMAO. And FWIW, ex Mainland partner AEXP is still current with their fillings. Now there is a surprise for most and they still have a 20% stake in 5000 of the acres.
Financial statements haven't been filed since February 2012... Any updates from anyone on anything with this co or is it finally dead?
I am waiting for Brent Pierce to stop committing fraud and file a Form 4 showing his 80% holdings here.
Looking for super cheapies post RS almost always seems to hit. Have to accept lose it all risk as it may never trade again. Doesn't appear to be the case here so far... So far that is...
JMHO
Jumping in pre RS and AS PPS bottoming has always proven to be a very bad decision on my part. Most times getting in too early is not wise. And I bet it will apply here.
Simply put, we (a Burkley and me) thought it was best that I stop posting until either an extension is issued or it's DOA. I'm sure you can appreciate how we don't want to make the mistake of saying something (speculation or otherwise) that could screw up a deal. Neither the extension nor the DOA has happened and I don't have anything else to share....as in I don't know anything more. We're all still hoping for the best, but anything I post at this time is pure speculation.....including the fact that it isn't completely dead...yet.
Staying dark in the meantime.
LOL, only a fool or a crook would go public using this stock with its history!!
I really need the money... Look for LLOG Energy (the largest private operator in the GoM) to go public via a reverse merger MNLU... Get your shares now...
So I hear that BP at WR (the real owners of MNLU) offered you a bonus to pump this junk of his for Christmas????
Is that really true?
LOL
LMAO!!!! Geo Beware the emotions of fear, greed, for they lead to the dark side....and it will forever rule your path!!!!
You have obviously gotten very bored this week!!!!! LOL
Come back to the light, Flipper4... The Dark-Side is not for you...
--
I do not understand why MNLU trades like it does... If not Ecomike (who is clearly WestRock), then who could be buying this & why???
This really bothers me...
That & the fact that bought two grand worth @ about $0.19 because I'm impulsive...
Below is the daily MNLU chart... Look, the Accumulation/Distribution Trend actually shows positive accumulation. Does anyone know why Ecomike might be buying this company who has supposedly lost all their assets?
I also find the wording of Flipper4's post interesting...
LOL, even a dead pig has value, BACON!!!!
who is trading this POS.. ?? thought this pig was dead.
I am guessing no news means no or bad news!
Any news? Did they pay the $500,000 extension bonus yet?
Still no news on the extensions?
Have you heard any update on the lease extensions? I thought we would have heard something by now.
Oh, lol. I didn't know that.
I feel awful for all the people that have lost money in these scams.
I feel bad for guys like flipper too who have been promised the moon but were simply lied to. Guys like Pierce and Westrock keep getting away with it.
Admfsf, Geo knows that, he and I know each other, he is just screwin around, board, waiting for something to happen.
But on the other hand, for all I really know Brent Pierce is his uncle?
LOL!!!
Are you serious?? 'Dont give mainland a hard time?' - their lack of full and truthful disclosure, involvement with a securities offender, control of the leases given to a private company, they haven't paid the lease extension fees owed and extend again under false premise that there's a mystery supporter they are trying make a deal with??
Now you are accusing ecomike of being in cahoots for finding real articles, reports, sec decisions in support of the scam here??
Who's on the bid? It's prolly the bad guys buying it all back cheap after selling it high to the sheep! Westrock owns 80% or more of the company... You all were promoted and screwed royally.
LMAO and busting a gut, LOL!!!!! MNLU is TOAST!!!! You heard it first from Ecomike!
I love conspiracy theories, and all I want to know is who ordered the nuke strike on Pakistan in "Last Resort". HINT, it was not Ecomike!!!!"
LOL
If these leases are not extended, then MNLU is worth nothing... The fact that someone is on the bid (which has been slowly increasing over the past few weeks) suggest to me that the leases will eventually be extended. I just really feel like someone close to WestRock (or whatever it is called) is loading up based on insider knowledge...
Either that or it is Ecomike who is collecting all those shares at the bid...
What are the odds that Ecomike is in bed with Pierce & WestRock... and all his negativity towards these entities is just to throw us off???
Ecomike, you cover has been blown... We are not as dumb as you think we is...
I opened a Scottrade account in order to start accumulating MNLU, it was the first stock I ever owned (outside of a 401K)... I started accumulating in August of 2010, and sold out during the Spring of 2011... I tripled my funds on MNLU and thought that I was a bada$$... I thought that I was about to take wall-street by storm & show all those professionals how it is done...
So I took all my winnings, put it on DUNR, & "Let it Ride" so to speak... In a few short months, I discovered that I was not, in fact, about to take anything by storm...
I'm reminded of a South Park (used to smoke weed & watch back in college) Episode where the town raises money to keep the Indians from building a highway through their town for better casino access. Well, they can only raise about 1/10th of the money, so they take that to the Indian Casino, put it all on one number at the roulette table & win. Whatever the odds were, it gave them exactly the cash they needed to stop the highway... But rather than take the money they said "Let it Ride"... So, the Indians got their money & got to build the highway...
I really believed in MNLU while I was in it...
After DUNR crashed, I discovered that there was more to screening investment prospects based on their geology alone...
If you guys/girls are still interested in small-cap E&Ps, I believe that SIOR is positioned to make nice run over the next several months. Their neighbor OEDV went from $0.02 to $2.40 in about 1.5 years, SIOR is getting their ducks in a row to make a similar run... Because of the fact that SIOR has over 100 Million Barrels of Proven Undeveloped Reserves [PUD], I feel that they are quite undervalued at the present, having a market-cap of only about $4 Million... That $0.04 per barrel for PUD reserves, which is not bad considering PUD reserves normally go for about $15.00/barrel...
Back in 2010 when this was trading over $1 pre split, there was many impressive board appointees during that large promo...
Edit correction: Should have read: "and we did NOT know there was known fraudster hiding in the background."
I thought the Kennedy was on the other board, AEXP? Did that play card on the promos for both the merger stocks?
I was in AEXP 6 months before I ever heard of MNLU, or the MNLU AEXP merger deal.
I was impressed that there was a Kennedy on the board... But I found MNLU via a promo and lost money via that promo as most promos. It did give me a nice trade on a chart read, so I didn't lose it all...
Gas was back up at $5 at the time, and we did know there was known fraudster hiding in the background.
It seems to me this will be one of the last areas to be developed... What were we thinking?
"If you will note, they have managed to tie up two large, valuable mineral estates for something like 18 weeks without putting forth any capital..."
That is because no one else wants it!!!
Yet.
Y'all shouldn't give MNLU too hard of a time over this lease extension deal... If you will note, they have managed to tie up two large, valuable mineral estates for something like 18 weeks without putting forth any capital... This strategy will continue until the mineral owners put their foot down or MNLU feels like competition is making a move... Until MNLU is ready to usher in fracking equipment & get to work, I feel that their current play extension, after extension, after extension is their wisest course of action. After all, the leases are in escrow, so it is not as though competition can move on them...
--
I believe that in the next 5-10 years, natural gas prices in the Gulf Coast Region will see a significant demand increase. Especially for producers tied via pipeline to the Henry Hub. With the Chenier Corp. (LNG) exporting LNG, and the future GTL (gas to liquids) plant (which I feel is only a matter time before someone puts one in South Louisiana, I think a few companies are in feasibility studies now) Natural Gas has bright future, albeit longterm.
--
The Bossier/Haynesville formations of the Buena Vista field will eventually be developed, but there will be a number of operational/logistical challenges that will have to be overcome. I have noted some of these challenges below, though it is not meant to be exhaustive.
-The wells are Expensive, and time consuming
-The Completions will be Very Expensive
-Drilling &/or Completions can only be planned for late summer, fall & winter months due to Spring Flooding.
-Very few (2) of the rigs that 'hang out' in the Mississippi Interior Salt Basin rigs are capable of drilling this deep (despite what Rapad's websites claim). At the present, Rapad#36 or Greywolf#48 are are the only two options, unless the operator paid to move in a rig from elsewhere (which is possible). Of the two 'regional' rigs that are capable, MNLU had trouble paying (or has not paid) Rapad for the Burkley-Phillips#1 well, I feel that this will haunt MNLU moving forward. These seasonal floods also make it very difficult (or costly) to lock a rig into a longterm contract, & the odds that the Greywolf#48 just happens to come come available for contract every July are not favorable...
-The field will take a decade or more to drill, even with a fully committed, financially sound operator.
-There is not enough excess pipeline capacity for the production from one well, let alone the entire field (which if memory serves, I lost my maps, will require 12-15 wells under the current regulations of 640 acre drilling units mandated by the Mississippi Oil & Gas Board. So, whoever develops the field will also be running new pipelines. Because pipelines & drilling are totally different aspects of this industry, this suggest that only larger operators are truly fit to pursue this field's development.
--
Again, I have no doubt that this field will one day be developed, however, I have my doubts as to whether or not it will be developed by MNLU. I see this as a good thing for 'Flipper4', his family, & the Berkley Family. When negotiating with future operators who are interested in developing this field, they will be able to utilize the existing, 12 Million Dollar, Berkley-Phillips#1 Well-bore as leverage to secure the most favorable royalty percentage/lease bonus possible, or taylor fit these to best fit the situation... For example: If Shell comes knocking, they would probably want to forgo a signing bonus in favor of a higher royalty, but if TECO came knocking, they would probably want to demand $100K/acre signing bonus, then donate their royalties to charity.
--
I have a feeling that MNLU will extend the leases. However, they will go as long as possible gaining interest of the $500K bonus and leaving their funds 'uncommitted'.
If Flipper4 wanted to speed the process up, he could suggest to MNLU management that a Land-Man working for an unknown party has been trying to schedule a meeting with the family, and then perhaps have someone from the Berkley Family drop a similar hint... That would light a fire under MNLU's behind!!! though they would still wait until the last possible moment before actually making a full contractual/financial commitment... Assuming that MNLU does pay to extend the leases, If I were 'Flipper4', as soon as the check cleared, I would start calling land-agencies, looking for a new party to lease to, so that the new lease begins as soon as the one-year extension terminates.
--
I have not seen the well-logs (not that well-logs are always conclusive, or tell the whole story, they are but a one-dimentional look at what is down below), but I have never understood why MNLU didn't try a less costly completion technique on the Knowles Limestone, which stratigraphically overlies the Bossier shale. Having seen a 2-D seismic crossection of the field, it seemed to me that there was an anticlinal trap as high (if not higher than) the Knowle's horizon. This would have been a cheap, effective means of securing the lease indefinitely. Here is an offset log with the Knowles Limestone Highlighted green & the Primary Targets the Bossier & Haynesville Shales having the higher gamma-ray responses (blue trace in first track). The Bossier-Haynesville interval was about 900 feet in this log (which is unusually low). This well was drilled atop a salt dome and this structural-high limited the amount of sediment accumulation during the Late Jurassic Period (the time of deposition) However, the Berkley-Phillips #1 was drilled in the basin between salt domes, so at the time of deposition, it was situated in a structural-low, which increased it's sediment accumulation... Only later (probably sometime during the Cretaceous Period) did further salt withdrawal leave the Berkley-Phillips well situated at an anticlinal high (called a 'turtle-structure' in the oil & gas industry. So basically, this interval in the Berkeley Phillips well should be 2 to 3 times as thick as the representation below:
TMTL!!!
LOL, That is Too Many To List!!!!
Go MNLU!!!! :(
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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.
_______________________________________________________
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.
********************************************************************************************************************************
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
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