Mainland Resources, Inc. (OTC: MNLU) announced today, in a press release, that it and American Exploration Corporation have entered into an amending agreement to extend the termination date of the Merger Agreement between the companies to May 31, 2011. As I write, shares of Mainland Resources were up 7 percent at $0.60 per share on volume of nearly 84,000 shares. Mainland has a market cap of $49 million and a 52-week range between $0.28 and $1.65 per share.The previously announced Merger Agreement between Mainland and American Exploration contemplates a stock-for-stock merger between the companies, subject to approval of the shareholders of both companies. The companies have entered into the amending agreement to extend the termination date of the Merger Agreement to May 31, 2011, in order to allow for additional time to complete required administrative and regulatory matters related to the merger process.
According to the press release, Mainland and its working interest partners control in excess of 17,800 net acres or 28 sections on the Buena Vista prospect area on which the Burkley Phillips No. 1 well was drilled to 22,000 feet, cored and logged. Post merger, Mainland is expected to own 92% of the 28 sections in the Buena Vista prospect.
For information see: http://www.mainlandresources.com.
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