Mainland acquires land for oil exploration
JEFFERSON COUNTY — Mainland Resources Inc. of Houston has acquired a second target prospect for exploration of oil and gas formations in western Mississippi. Terms were not disclosed.
The company has acquired a 100 percent working interest in approximately 1,260 net leasehold acres within the same general geological region as the Buena Vista Project in Jefferson County.
Mainland is currently testing the Buena Vista Prospect with the drilling of its Burkley-Phillips No.1 well. The well was spudded July 21, and has a projected drilling depth of 22,000 feet, which will test the Haynesville Shale and potentially shallower productive formations.
This new acreage acquired by Mainland is similar to the Buena Vista prospect, as the prospect was originally developed by a major oil company to drill a 20,000-foot-plus well in the early 1980s. The deep test drilled was not successful in establishing production in the deep target zone. However, the driller encountered four to five shallower zones that did calculate to be potentially productive. These zones were not of interest in the early 1980s because the major oil and gas companies were looking for very large reserves at the time, and the market prices for fuels could not justify completing costs in these shallower zones.
According to data received by the company, there is a gas zone at approximately 15,000 feet that had good porosity and mud log shows. There are three to four different Tuscaloosa oil zones between 13,000 feet and 14,000 feet that had good mud log shows and porosity. All the zones calculate to be potentially productive.
This interval includes the Tuscaloosa Marine Shale, an oil-bearing shale known to cover fourteen parishes and counties in Louisiana and Mississippi.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- Realtors chooses Nita Wingard
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- No debate, but Cochran and Childers lobby for votes for Senate
- Entergy agrees to cut $35M from its new rate plan
- Politics of paying for transportation: Hand wringing and a lot of talk
- MSU reminding fans that drones are prohibited at football games
- Kemper County plant will cost at least another $496M to complete
- Ford Foundation gives to UM for new science building