Wednesday, July 28, 2010

Mainland Drilling in Mississippi

Last week, Mainland Resources finally started drilling a well in Jefferson Co. Mississippi that the company believes is prospective for the Haynesville Shale.  The project has been discussed for a long time, but the Burkley Phillips #1 well in the Buena Vista Prospect is soon to be a reality and we can all see if the Haynesville Shale extends to Mississippi. 

The well will be drilled to 22,000 feet and is expected to cost $13.55 million ($8.65 million to drill, $4.9 million to complete).  I'm assuming it will be a vertical completion, as Mainland believes that the shale is 2,500 feet thick (!!!) with 20,000 psi of pressure based on data obtained from Chevron, which originally drilled a well on the site in 1981.  Mainland has leased 17,500 acres of land in Mississippi and Tensas Parish, Louisiana in hopes of someday having 255 potential drilling sites (80 acre spacing).

As evidenced by a recent article in the Natchez paper, the locals are starting to get excited.  I've been somewhat skeptical about the prospect of such a rich find, but I am eager to see what comes of the well.  I will readily admit the error of my ways if the well is a success.

Godspeed, Mainland!

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