Mainland Resources (OTC:MNLU) Extends Merger Agreement

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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Mainland Resources (OTCBB:MNLU): Mississippi Based Driller Preps for Schluberger

Mainland Resources (OTCBB: MNLU) has now received all of the well log and core data necessary for Schlumberger to prepare a comprehensive Shale Gas Analysis on its Burkley-Phillips No. 1 well in Jefferson County, Mississippi. Mainland is anticipating receiving the results of the Shale Gas Analysis in the near future.
The Shale Gas Analysis, when incorporated with the core laboratory results, will provide a key insight into the gas prospectivity of the Bossier/Haynesville interval encountered and will also be used to design the flow test and the completion of the well.

CEO Nick Atencio states, "We are pleased to be able to combine the core data with industry state-of-the-art diagnostic tools to deliver a comprehensive look at the prospectivity of this promising Bossier/Haynesville interval and to compare these results with the positive gas indicators we encountered while drilling the well."

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Update on Mainland (OTC:MNLU) and American (OTC:AEXP) Merger

Mainland Resources (OTC: MNLU) today provided an update on the Merger Agreement between Mainland and American Exploration (OTC:AEXP). As I write, shares of Mainland Resources are down slightly at $0.81 per share on heavy volume of nearly 1.3 million shares. Also, as I write, shares of American Exploration are down 4.5 percent at $0.18 per share on volume of 118,000 shares.

The Merger Agreement contemplates a stock-for-stock merger between Mainland and American Exploration. The companies entered into an amending agreement, which has extended the Termination Date of the Merger Agreement to March 31, 2011. This will allow adequate time to complete all administrative and regulatory matters related to the merger process.

The companies have filed a draft S-4 prospectus pursuant to the merger for review by the SEC and will work to secure SEC acceptance of the S-4 in a timely manner.

Once the S-4 prospectus has been accepted by the SEC, it will be formally filed and respective shareholder meetings will be scheduled to formally vote on the merger.

As part of its working relationship with American Exploration, the Company has engaged Steven Harding to act as a consulting geologist on its Mississippi Buena Vista project.

Steven Harding has occupied a number of senior positions during the past 28 years within EnCana Corporation and its predecessor Alberta Energy, as well as Husky Energy. His experience includes acting as Vice President Northern Canada and Vice President Alaska/MacKenzie Delta at EnCana and Chief Geoscientist at Husky Energy.

It is anticipated that upon acceptance of the Merger Agreement that Steve Harding will serve as a Director of the Company.

Steven Harding states, "I'm pleased to have the opportunity to work on the Buena Vista Project. I have been able to lend some unique insights and add real value to the interpretation of the data. I look forward to helping create greater value for Mainland going forward."

Company CEO Nick Atencio states, "The proposed merger is moving ahead as intended. We are fortunate to be able to enlist Steve Harding as part of the team developing our Mississippi interests. Once merged, the combined assets will place Mainland in an enviable position in this region."

Mainland Resources, Inc. is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries.

For information see: http://www.mainlandresources.com

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