2010-04-08-2010-03-15-2010-04-22

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$27.1MM
Description

Bought 40% WI in deep rights including Haynesville shale interests in 1,162 acres in DeSoto Parish, LA.

Mainland Resources Inc., Houston, (OTCBB: MNLU) plans to sell its Haynesville shale interest on its DeSoto Parish, Louisiana, leases to an undisclosed buyer for approximately $27.1 million.

The deal comes to $17,500 per acre for the 1,162.3 net acres for a total $20.3 million, plus the buyer will reimburse Mainland for all drilling and completion costs paid by Mainland prior to closing, which are estimated to be $6.8 million, according to Mainland.

The deal covers Mainland's 40% working interest, which includes its rights on 2,903 gross acres (1,162 net) 100 feet below the stratigraphic equivalent of the base of the Cotton Valley formation in East Holly Field, DeSoto Parish.

The deal is expected to close by May 1.