Mainland Resources, Inc. Closes Funding with Guggenheim and Completes Purchase of Mississippi Shale
(firmenpresse) -
Mainland Resources, Inc. Closes Funding with Guggenheim and Completes Purchase of Mississippi Shale Acreage
Houston, Texas – Nov. 16, 2009 – Mainland Resources, Inc.
(OTCBB:MNLU; Frankfurt:5MN) announced the closing and receipt of $3.2 million from
Guggenheim Corporate Funding LLC (“Guggenheim”) to complete the purchase of the
8,225 net oil and gas lease acres covering the Mississippi Project and to pay off their
previous bridge loan with Guggenheim. Mainland Resources has entered into a two-year
$40 million senior secured advancing line of credit agreement with Guggenheim. This
senior secured advancing line of credit provides that affiliate Guggenheim Energy
Opportunities, LLC will participate for 10% of Mainland’s working interest in the drilling
and development of the Mississippi project.
As previously announced, Mainland and American Exploration Corp. have aligned and
pooled their oil and gas lease holdings in Mississippi, which collectively total 13,225 net
acres to explore for oil and gas there. Mainland, American and Guggenheim have signed
a Joint Operating Agreement naming Mainland Resources as operator for the project.
In addition, Mainland has been working with Petrohawk Energy Corp., in the
successful drilling and completion of the Haynesville Shale in Northwestern Louisiana.
Mainland will use portions of the Guggenheim funding to continue drilling in Haynesville
Shale wells in northwest Louisiana. Mainland is currently producing 11 million cubic feet
per day (MMcf/day) from two wells with the third well on schedule to be completed in
December 2009. The Company’s fourth Haynesville well is on the drilling schedule for
February 2010. The fifth Haynesville well is on the schedule for July 2010.
Mike Newport, CEO and President of Mainland Resources, Inc. said, “Guggenheim
brings a lot of technical experience to this project and we are pleased to have them join
the venture. They have been involved in several shale gas projects within the southern
United States and have identified and participated in extremely successful projects that
are very similar to the Mississippi Shale Project. We are excited Guggenheim has
recognized the significant upside potential and has elected to pay their way to participate
in this project with Mainland. We believe our experience gained in the Haynesville Shale
will bring significant value to the Mississippi Shale Project.“
About Mainland Resources, Inc.
Mainland Resources is a publicly traded energy company engaged in the exploration
and production of oil and gas resources. The Company seeks to add shareholder value
by focusing on the continued development of its producing assets in the Haynesville
Shale and the acquisition and development of leases in emerging oil and gas regions
with the potential for significant discoveries. For more information visit the Company’s
website at www.mainlandresources.com.
About Guggenheim Partners, LLC
Guggenheim Partners, LLC is a privately held, diversified financial services firm that,
through its affiliated entities, provides financial advisory services, corporate finance,
wealth management and investment products to high-net-worth individuals and
institutional investors. Presently, the firm and its affiliates manage and provide advisory
services with respect to more than $100 billion of investment assets.
Symbol: MNLU – OTCBB, Symbol: 5MN; Frankfurt, WKN No.: A0ND6N
Contact: info(at)mainlandresources.com
Investor Relations (USA)
Tel. 281-469-5990
Investor Relations (Europe)
Tel. +49-69-7593-8408
SAFE HARBOR STATEMENT -THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND
SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN
THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND
INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE
FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS
RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS.
STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY,
FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR
“EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES
FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY
DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL
REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE
INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE
REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE
COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES.
THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS WILL SUCCEED AND THE
COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS
ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO
UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS
COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE
COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS
RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET
FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC
REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES
NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT
CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY
SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD
BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
Leseranfragen:
Mainland Resources Inc.
20333 SH 249, Suite 200
Houston, Texas 77070
USA
Datum: 17.11.2009 - 16:32 Uhr
Sprache: Deutsch
News-ID 8263
Anzahl Zeichen: 0
contact information:
Town:
Wien
Kategorie:
Business News
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