To earn 8% WI in Burkley-Phillips No. 1 well testing Mississippi Haynesville.
Privately held Guggenheim Partners LLC is funding 10% of the costs associated with a Mississippi Haynesville prospect, to be drilled by Houston-based E&P company Mainland Resources Inc. (OTCBB: MNLU), for an 8% working interest in the well.
Mainland Resources has set aside $8.65 million, $865,000 of which was contributed by Guggenheim Partners, for expenditures to drill the Burkley-Phillips No. 1 on the Buena Vista prospect in Mississippi. The operator's interest in the prospect comprises 17,000 acres.
Estimated to cost $13.55 million, Burkley-Phillips No. 1 is expected to spud on June 15. The Haynesville-targeted well will be drilled to a projected depth of approximately 22,000 feet. Mainland Resources carries a 72% working interest in the well.
Guggenheim Partners is a global, independent, U.S.-based financial services firm with more than $100 billion in equity capital. Mainland Resources has oil and gas assets in the Haynesville shale in northwestern Louisiana and Mississippi.