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Oil & Gas News: Mainland Resources Sells Haynesville Shale Assets

April 23, 2010 (FinancialWire) — Mainland Resources, Inc. (OTCBB: MNLU) said it has closed the sale of its Haynesville Shale assets in East Holly Field, DeSoto Parish, Louisiana. The company said that the assets have been sold to EXCO Operating Co., LP, a wholly owned subsidiary of EXCO Resources (NYSE: XCO), for $28.159 million.  

Mainland said it 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) in the East Holly Field. Mainland 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 said it plans to use the proceeds of the sale to fund the drilling of the initial well on its Buena Vista prospect in Jefferson County, Mississippi, as well as to begin development drilling on the Hosston/Cotton Valley formations in the East Holly Field, and to retire its debt to Guggenheim Partners LLC.

Houston-based Mainland Resources is 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 emerging gas regions with the potential for discoveries including the Haynesville shale.

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