Mainland Resources Public Overview for November 2011

1. Mainland Resources, Inc.
A growth oriented, small cap independent E&P company with
onshore US focus in Louisiana and Mississippi with a proven
record of value creation and an inventory of pre-developed and
high impact exploration acreage.
June/July 2011

2. Disclaimer
This presentation material contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other
statements, other than statements of historical fact, are forward-looking statements. These statements include the Company’s
financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of
planned wells, reserve estimates and values, statement regarding the quality or risk of the Company’s properties and potential
reserves and production levels. Although Mainland Resources Inc. (“Mainland” or the “Company”) believes that the expectations
reflected in such forward-looking statements are reasonable, they do involve a number of risks and uncertainties. Among the
important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are our
ability to finance drilling activities, delays and difficulties in developing currently owned properties, the failure of exploratory drilling to
result in commercial wells, delays due to the limited availability of drilling equipment and personnel, fluctuations in oil and gas
prices, governmental regulatory risks, general economic conditions and the risk factors detailed in the private placement
memorandum relating to this offering and from time to time in the Company’s periodic reports and registration statements filed with
the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which the statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
The United States Securities and Exchange Commission regulations limit oil and gas companies, in their filings with the SEC, to
including only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating conditions. This presentation contains certain
terms, such as unrisked resource potential that the SEC's guidelines strictly prohibit us from including in filings with the SEC. These
terms include reserves with substantially less certainty, and no discount or other adjustment is included in the presentation of such
reserve numbers. You are urged to consider closely the disclosure in our Form 10-K, available on our website at
mainlandresources.com. You can also obtain this form from the SEC at www.edgar.com by calling 1-800-SEC-0330.
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3. Company Overview – Mainland Resources Inc.
CORPORATE PROFILE
Sector: Growth Oriented, Small Cap, Public E&P Company
Offices: 21 Waterway Avenue, Suite 300, The Woodlands, Texas; Tel: (281) 362-2860
SEC Reporting Status: 34 Act fully reporting, smaller reporting company, non-accelerated filer
Corporate Governance: Full SOX compliance (3 years)
Exploration Acreage: Buena Vista - 17,800 net acres Mississippi – Gas Prospect – Potential 8+ TCF
Ford’s Creek – 692 net acres Louisiana – Oil prospect
MARKET PROFILE MNLU - OTCBB; 5MN – Frankfurt/Berlin
Common Shares Outstanding: 81 million current (96 million post merger); Fully Diluted Post Merger 108 million
Merger in Final Stages: SEC Form S-4 Merger with American Exploration Corp. (aggregates Buena Vista land package)
Float: 58 million
Weighted Average Share Price: $0.73 on total volume of 65 million shares (January 1 to April 30, 2011)
Estimated Shareholders: 6,000+
Post Merger Market Cap: $28.8 million
Insider Ownership: 9.2%
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4. Company History
Mainland Resources, Inc. (“Mainland” or the “Company”) was established in 2007 as a fully reporting public company. Since
2007, the Company with total equity capital of $5 million and has accomplished the following milestones:
 Acquired, drilled, and developed shale gas assets partnering with Petrohawk, drilling 4 Haynesville Shale
wells with IP’s in excess of 20 MMCF/Day
 Partnered with Guggenheim Partners, LLC who are an 8% working interest partner in the Buena Vista Project
and have provided debt financing in the previous Haynesville Shale drilling activities in Louisiana with a $40
million senior facility
 Sold certain Haynesville zone interests for $28 millionto Exco Resources, Inc.; with a cost basis of $800,000
 Funded the acquisition of the 18,000 acre Buena Vista Project with multi-TCF potential and drilled the
BurkleyPhillips test well; designed completion strategy with various third party independent consultants that
confirmed gas in place of at least 500 BCF per section
 Consolidated ownership of Buena Vista gas projectby negotiation and administering the merger with
American Exploration Corp through SEC Form S-4
 Acquired 1,270 acres of Mississippi oil acreagetargeting the prospective Tuscaloosa and Paluxy hydrocarbon
intervals encountered in an offset well
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5. Management Team - Combined experience of 150+ years
Mike Newport – President, CEO, Director
• 32 years of oil and gas experience in land/general management and M&A.
• Responsible for development and subsequent sale of Mainland’s Haynesville Shale assets in Louisiana.
• Leader in Company negotiations for new prospects.
• BBA in Finance, MBA, Petroleum Land Management from the University of Oklahoma.
Steve Harding – President, Director of American Exploration Corp. under merger with Mainland Resources
• Prior positions of VP N. Canada and VP Alaska/MacKenzie Delta at EnCana and Chief Geoscientist at Husky Energy.
• (Hon) B.Sc. Geology from McMaster University & M.Sc. Geology from University of Alberta 28 years experience.
• Registered Professional Geologist by APEGGA (Association of Professional Engineers, Geologists and Geophysicists of Alberta).
William (Bill) Thomas – CFO, Director
• Senior manager with a 30 year career in finance and accounting for the natural resource sector.
• Held senior management positions with Kerr McGee Corporation China, Hana Mining, Maxus and Denison Mines.
• Chartered Accountant from University of Toronto, Canada.
Simeon Horton King – VP Geology, Director
• Petroleum geologist with 30+ years experience and involved with Mainland since 2008.
• Broad experience in exploration and development of aggressive drilling programs for private enterprises in SW US.
• Very active in development of Hosston and Cotton Valley trends in N Louisiana and E Texas.
Gerry Jardine – Director, Investor Relations and Corporate Finance
• Corporate finance and administration expertise serving as director and officer of TSX, NASDAQ, and OTC companies for over 30 years.
• Provides consulting on funding, investor relations, administration, and corporate governance to Mainland since 2010.
Peter G. Wilson – VP Business Development, Director
• Business executive with 17 years Capital Markets experience.
• Extensive international finance assignments with Canada, USA, United Kingdom, Switzerland and Norway based investor groups.
• Past President and Director Hana Mining Ltd, $360 million market cap Copper/Silver exploration company (HMG-TSX-V).
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6. BUENA VISTA PROJECT
- Mississippi -

7. Prolific Gas Producing Region
 The Buena Vista structure is located in the prolific Gulf Coast Salt Basin
- On trend with all Haynesville/Bossier shale gas discoveries
 Chevron drilled a well in 1981 to 22,000 feet that confirmed enormous pressure, an over-thickened
Bossier/Haynesville succession with elevated gas readings throughout
- Pressure data up to 20,000 psi
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8. Prolific Gas Producing Region – Buena Vista on Strike with Major Fields
 Buena Vista sits along the prolific Jurassic Bossier trend
- Characterized by numerous giant Bossier/Haynesville Fields
Buena Vista
Map Source: Shale Energy: Developing the Haynesville – Mergers and Acquisitions Support Sustained Haynesville Drilling, Pramod Kulkarni, World Oil, June 2010
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9. Milestones Accomplished – Buena Vista Developments
Preliminary Technical Assessment
 Geophysical mapping of the structure and prospect area
- Reprocessed available seismic data, new maps created
 Analyzed available rock data from the 1981 well
- Accessed and sampled cuttings data from the 1981 well through the shale succession
- Completed Rock Eval pyrolysis, XRD, thin section work to assess mineralogy and geochemistry
 Petrophysical Shale gas analysis completed by Schlumberger to assess Gas in Place
Buena Vista Asset DEPTH IN
Acreage Acquisition FEET
 Locked up all acreage associated with the -19250
-19375
prospect (both on structure and flanking)
-19375
- Combined assets through merger with -19500
American Exploration
-19500
-19625
Drilling Program 1981 Well -19625
-19750
 Drilled a 22,000 ft. well offsetting the original NEW WELL
-19750
1981 CP Long Well -19875
- Logged & cased in 160 days for $9.7 MM -19875
-20000
-20000
MNLU LEASE -20125
17,800 Acres+
-20125
-20250
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10. Buena Vista Structure
Well defined “Turtle-back” structure with good four-way closure
• Seismic and well data provided evidence in support of fracturing and
faulting
1981 Chevron Well
Fractures From Log:
f1 to f33
Line: 2508-ME-6
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11. Buena Vista Stratigraphy
 Comparison to other log profiles extending below the Knowles lime of the Cotton Valley to the Smackover
- Buena Vista interval clearly fits profile, highly over-thickened
1981 Chevron Well
General Stratigraphy
Cotton Valley
(Knowles Lime)
1000 ft.
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12. Burkley-Phillips #1 Well Reaches TD
Mainland successfully drilled a new well into the Buena Vista Prospect, in close proximity to the original 1981
Chevorn well
 Drilled to a total depth of 22,000 ft.;
reaching TD in December 2010
 Core secured in the Bossier
 Logged and cased
Similar high pressure and temperatures were
observed while drilling the well
 Significant over-pressure encountered in
overlying Hosston/Cotton Valley, including
Knowles Lime, and continued through
Bossier/Haynesville succession
1981 CP Long Well
 Drilling mud maintained at 18.1 to 18.3
lbs/gal throughout Bossier/Haynesville
Elevated mud gas readings
 Spiking/Elevated readings with apparent
porosity & fracture encounter New Burkley Phillips #1 Well
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13. Buena Vista Prospect, Mississippi – Comparison to Other Plays
Buena Vista, Mississippi Prospect1 Amorusa East Texas Deep Bossier2 NW Louisiana Haynesville Shale3
 Depth: 19,800’ – 22,000’*  Well Depth: 16,000’ – 19,000’  Depth: 11,660’ – 12,020’
 Section thickness: +2,000’*  Section thickness: ~2000-3000’  Section thickness: ~360’
 Pressure: +20,000 psi  Pressure: 15,800 psi  Pressure: 8,000 psi
 Temperature: 360-418°F  Temperature: 360-400°F  Temperature: 275 - 320°F
 Frac: Multistage  Frac: Multistage  Frac: Multistage 10
 Well Type: Vertical  Well Type: Vertical  Well Type: Horizontal
 Avg IP Modeled: 19 MMCF/Day  Avg IP: 20-25+ MMCF/Day  Avg IP: 5-30 MMCF/Day+
 Highest IP: unknown  Highest IP: 60+ MMCF/Day  Highest IP: 30+ MMCF/day
 Stacked Pay: Yes, 3+ zones  Stacked Pay: Yes, 3+ zones  Stacked Pay: Yes, 3+ zones
 High Porosity Sands: Yes  High Porosity Sands: Yes  High Porosity Sands: No
 Abnormally pressured: Yes-High  Abnormally pressured: Yes-High  Abnormally pressured: Yes-Mid
 Frac Specialist: S Schubarth  Frac Specialist: S Schubarth  Frac Specialist: Haliburton/Fractech
* (no bottom found, TD still in Bossier/Haynesville)
1Source: Mainland management and American Exploration Corp.
2 Source: EnCana.
3 Source: Mainland management based on the Griffith 11-1 well.
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14. Burkley Phillips #1 - Core Successfully Secured –
Independent Evaluations Obtained
 A core was successfully cut from 20,415 to 20,435 feet measured depth
- Cut within a “typical” middle to lower Bossier interval
- Rock properties and mineralogy well suited to shale gas development
• No swelling clay issues, thermally mature
 The core enabled quantitative measurements and comparisons to other Bossier producing wells
 Third party independent evaluation by Core Labs
Core adjusted depth
Burkley-Phillips #1
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15. Buena Vista Prospect - Fractured Reservoir
 Large open fractures are observed in the cored interval, with various smaller
fractures that are variably filled with carbonate cements
‾ Consistent with pre-drill observations and modeling
 Normal Bossier reservoir attributes within an enormously over-pressured
environment, should enable very strong productivity potential
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16. Analog Data for Burkley-Phillips #1 – Buena Vista Prospect
BASIC ROCK PROPERTIES
 Data from the cored interval in the Burkley-Phillips #1 well (GRI Saturation)
was reviewed by Core Lab’s Gas/Shale Consortium 1E-01 NA Gas Shales (GRI)
1865 Samples Haynesville (GRI)
1E-02
‾ Objective was to identify to best analog from reservoir 1E-03
Haynesville Lime (GRI)
Bossier (All, GRI)
properties
Effective Permeability, md
1E-04 Bossier (Middle, GRI)
Burkley-Phillips #1
1E-05
‾ Best analog was determined to be the Bossier in De Soto 1E-06
Parish, NW Louisiana 1E-07
‾ Specific well coordinates held confidential (yellow star) 1E-08
1E-09
 Initial production rate from the De Soto well was 13.7 1E-10
mmcf/day 1E-11
1E-12
- Reservoir pressure in this analog was 6,841 psi, with a 1E-13
much lower gradient relative to the Bossier at Buena Vista 1E-14
0 20 40 60 80 100
Water Saturation, percent
BASIC ROCK PROPERTIES BASIC ROCK PROPERTIES
BVW
(GRI Method) 2.0 % (GRI Saturation)
1E-01 100 Haynesville
1865 Samples Haynesville Lime
1E-02 90 BVW
5.7 % Bossier (All)
1E-03
Effective Permeability, md
80 Bossier (Middle)
Water Saturation, percent
1E-04
Burkley-Phillips #1
1E-05 70
1E-06 1865 Samples
60
1E-07 NA Gas Shales (GRI Method)
50
1E-08 Haynesville (GRI Method)
Haynesville Lime (GRI Method)
1E-09 40
Bossier (All, GRI Method)
1E-10 Bossier (Middle, GRI Method) 30
1E-11 Haynesville (GRI, Kabs)
Haynesville Lime (GRI, Kabs) 20
1E-12 Bossier (All, Kabs)
1E-13 Burkley-Phillips #1 10
1E-14 0
0 5 10 15 20 0 5 10 15 20
Total (Interconnected) Porosity, percent Total (Interconnected) Porosity, percent
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17. Buena Vista - Gas in Place –
Unconventional Shales (Deep Bossier)
 Gas in Place (“GIP”) has been assessed within the Bossier by both Core Labs and Schlumberger. GIP is a
composite of both Free and Adsorbed gas
Free Gas
- Analyses suggest between 300 Bcf/section to more than 500 Bcf/section
Adsorbed Gas
- Adsorption Isotherm measurements were also taken from the cored interval
• Suggest as much as several hundred Bcf/section (above the free gas calculated)
 If only free gas is considered for the Buena Vista Property, total gas volumes extrapolated across the pool could
reach 14 TCF
- At a 25% recovery factor, produced gas equates to 3.5 TCF
It should be noted that these amounts do not include the GIP associated with the Knowles Lime reservoir
also within the high pressure envelope
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18. Burkley Phillips #1 - Haynesville/Bossier Completion
 Fracing/completion has been performed throughout the Bossier and Haynesville succession
 Mainland has been working with Stephen Schubarth who performed much of
the frac design work at Amoruso
 Using rock properties observed, reservoir conditions and the style of fracing,
the size of an artificial frac can be predicted
− Buena Vista calculates a 500’ half length
 Gas drainage can then be modeled from a single 500 ftfrac
− Drainage reaches 1,000 ft. perpendicular to the induced fracture
− Enables about 25%+ OGIP to be recovered
− Initial Production rate of approximately 10mmcf/day from this target alone;
EUR of 5.9Bcf/frac
Natural fractures should increase the drainage area and therefore gas recovered beyond these amounts
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19. Significant Upside 1 – Knowles Lime
Schlumberger
Petrophysical
Analysis across
Knowles Lime
in the Burkley-
Phillips#1 well -
demonstrating
good gas-filled
porosity
 The Knowles Lime has demonstrated prolific productivity in recent years
 Published results from Gastar and EnCana suggest exceptional rates and EUR
- Gastar's best Knowles Lime well to date is the Lone Oak Ranch #3 (East Texas), drilled in late 2007,
which had initial production of 9.4 MMcf/day EUR of 3.4 Bcf
- In 2009, Encana made a significant discovery in the Knowles Lime in the vertical well bore A. D. Carr Well
#1 (East Texas) from 40 net feet of high porosity Knowles Lime
 produced 11.4 Bcf and 297,000 bbls condensate from July 2009 thru December 2010. Peak rate
was 40 mmcf/d and the December 2010 rate was 16 mmcf/d
 Good porosity in the Knowles Lime also in the HP envelope at Buena Vista
- Exceptional mud gas shows through the interval while drilling
- 71 net feet of porosity within one 100 foot interval
- Models 2 years average production of 4mmcf/day; EUR projected at 5 Bcf/well
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20. Significant Upside 2 – Conventional Sandstones
 The overall Bossier succession below the Knowles Lime consists of a series of stacked upwards
shoaling events
- Individually may be characterized by shales grading upwards into sandstones
 Petrophysical analysis suggests that some of these sandstones may possess significant porosity
- One of these sands has up to 21% porosity (Independent Analysis)
- More than 20 ft. in thickness
 Such sands have been seen in the Amoruso Field in Robertson County, East Texas which can produce
more than 1 Bcf/month
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21. Buena Vista Project – Highly Profitable Opportunity
 1981 Chevron well drilled to 22,000 feet confirmed basic reservoir data;
- Over-thickened, more than 2,000 ft. extremely over-pressured gas bearing section
 New Burkley-Phillips well also drilled to 22,000 feet, TD’d December 2010 confirms
Chevron well findings
- Logged and cased, well awaiting completion; no frac-related environmental issues
- Gas in Place exceeds 500 Bcf/section
- Excellent open fractures observed; clay content good
- Significant upside in Porous Sand andKnowles Lime additional zones
 Reservoir attributes derived from core analyses (Core Labs GRI) are consistent with
other Bossier shale gas discoveries
- Upside associated with 20,000 psi over-pressured reservoir environment
- Directly on trend with EnCana’s Bossier gas fields along the Jurassic Bossier edge
- Schlumberger and Core Labs provide independent estimates of gas in place
 18,000 acres under lease; entire structural closure owned by Mainland with 92% WI and
75% NRI. Seismic confirms size of structure
 Financial Model reveals Multi TCF recovery, 225 well project, at 19MMCF/D projected IP
implies 0.5 BCF/month initial production*
- Using NYMEX strip pricing PV10 net value of $40.2 million per wellbore
- aggregate PV10 value is $10.1 billion
- Using $3/MCF flat pricing PV10 net value of $12 million per wellbore;
- aggregate PV10 value is $2.7 billion
*Amoruso completion specialist, derived IP estimates, declines, used in Economic analysis. Financial model
available upon request with NDA.
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22. Financial Information
- Mississippi -

23. Burkley Phillips #1 Well – Expected Initial Production
Single Well Revenue Estimates on
 Production Burkley Phillips #1 awaiting
Initial Choked Production Bossier Bossier
completion cash flows estimated on initial
choked production of 6 MMCF/day generates
$454,000 monthly to Mainland assuming Gas Price $/MCF $ 4.50 $ 4.50
$4.50 flat gas pricing – Production starts this MCF/Day IP (Choked due to Pipeline capacity) 6,000 19,000
year. Days/Month 30.42 30.42
CO2 Content 2.704% 2.704%
Gross Gas Sales/month $ 799,043 $ 2,530,304
 Pipeline expansion based on well testing on
Transport/MCF $ 0.40 (73,000) (231,167)
completion could provide initial production of
After Transport Gas Sales/month 726,043 2,299,137
19,000 MMCF/day or greater providing $1.4+
State Severance Tax (0.269/MMCF) and OS
million/month of net cash flow to Mainland
Restoration Fee ($0.003/MMCF) 6.7% (48,298) (152,943)
from single well. After Tax Gross Gas Revenue $ 677,746 $ 2,146,195
Royalty Interests - Land Owners 25.0% (169,436) (536,549)
Operating Costs/Month
 Initial transport and processing costs
LOE/MCF $ 0.08 (14,600) (14,600)
estimated at $0.40/MCF per estimates from
Net Revenue per Month $ 493,709 $ 1,595,046
SEI gas marketing consultants (drops to
Mainland Net Cash Flow per month on Choked IP 454,213 1,467,442
$0.28/MCF with increased infrastructure).
Guggenheim Net Cash Flow per month on Choked IP 39,497 127,604
 Company has 92% Working interest and Mainland WI 92.000% 92.000%
average 25% royalty burden. Guggenheim WI 8.000% 8.000%
Mainland NRI 69.000% 69.000%
Guggenheim NRI 6.000% 6.000%
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24. Buena Vista – Play Development – Financial Modeling Values
Modeling Assumptions Financial Model Outcomes
 Wells drilled as follows:
- After 3 years: 14
- After 5 years: 44 Exit Multiple Valuation: Assuming or sales price equal to (an
- After 7 years: 102 exit multiple of 5x EBITDA at the end of any year plus cash on
 Gas Price Deck: NYMEX Strip hand at the end of any year less LOC), the value of Buena
 Well Initial Production: 19,000 MCF/day comingling 3 zones Vista sold at the end of any year is as follows:
 Productive Zones: Bossier, Knowles Lime, PorousSands - After 3 years of project development: $ 2.3 Billion
 Production and Decline Base Line: S. Schubarth calculations and declines in
conjunction with S. Harding - After 5 years of project development: $ 6.1 Billion
 Well Cost: $13.5 million per well with 3-5 stage frac - After 7 years of project development: $11.8 Billion
 Well Gathering and Transport costs: $0.30/mcf (post pipeline build out)
 Well LOE: $10,000/month + 3% pa for 5 years
 Gas Volume Shrinkage: 2.704% of gas volume PV10 Well Valuations: Assuming a discount rate of 10% per
 Total Acreage and wells: 18,000 acres in play, 80 acre spacing, 225- annum on annualized cash flow of each well over a 20 year
250 total wells. term, and based on 225 total wells in the play, an aggregate
 Development Funding: Total of $20 million in funding from equity PV10 value of $9.5 Billion producing an aggregate of over 3.6
plus Revolving LOC for required capital (at TCF gas recovered. Each well returns 6.5x cash on cash
1 yr LIBOR rate +4%)
return and yields 16.1 BCF of gas.
 Royalty Burden: 25%
 Working Interest to Mainland: 92%
 Interest Income: 2% pa Asset and Cash Generation Valuations: Total projected
 Monthly Mainland G&A: $123,667 increased by 3% annually assets in the 10th year of project development (2020) are $5.6+
 Aging of receivables: 15 days billion. Over the 9-10 years of development, the model
produces gross revenues of $10.2 Billion, EBITDA of $9.3
 Aging of payables: 30 days
Billion, and Net Income of $5.6 Billion (net of federal taxes at
 Mississippi State Tax Rate: 3.5% of gross gas revenue
35% and non cash DD&A of $2.8 billion).
 US Federal Income Tax Rate: 35% of before tax earnings
 Total wells drilled in 10 years: 225
Pipeline purchased by Mainland: $160 million
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25. High Return Investment Opportunity
4-6 months to Cash Flow Positive and Gas Field Discovery Proof of Concept
- Production imminent: estimated $1.5 million/month net cash flow potential from Burkley Phillips #1 well
- Completed and producing Burkley Phillips #1 well initiates proof of concept of large gas field discovery
- Third party accredited consultants confirm 300-500+ BCF/section free gas in place – Schlumberger and Core Labs
Significant and Immediate Earnings Potential
- 4 TCF estimated recoverable, 225 well potential, 92% WI; $11.3 billion estimated potential after tax cash flow
- Corollary to LEOR Amorusa Project sold to Encana for +$ 2.5 Billion after only 14 wells drilled
Share Structure Works; Investor Has Low Share Price Entry Point
- Earnings potential in the billions enhances share price valuations
- Large public float 6000+ investor distribution - proof of concept at a tipping point upon Burkley Phillips #1 well completion
Large Industry Partner
- Guggenheim Partners LLC – 8% working interest minority partner in Buena Vista acreage
Industry Timing is Right
- Gas is green; oil prices high; gas futures prices increasing
- Solar and wind waning due to state of technology and high capex/return ratio, nuclear unattractive
Company has Proven Track Record
- With only $5 million total equity investment – sold Haynesville asset with a cost basis of $800,000 for $28 million to EXCO
- Now have an Buena Vista asset with potential value in the $ billions
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26. Mainland Resources Inc.
21 Waterway Avenue, Suite 300
The Woodlands, TX 77380
281 362 2861
Investor Relations
Gerry Jardine, Director
(877) 662 3668
website: mainlandresources.com