|
Exhibit 99.1
|
|
Filed by Mainland Resources,
Inc.
Pursuant to Rule 425 of the Securities Act of 1933, as amended
and deemed filed pursuant to
Rule 14a-12 of the Securities Exchange Act of 1934
Subject Company: American Exploration Corporation
Commission File Number: 000-52542
|
|
Mainland
Resources, Inc.
21 Waterway Avenue, Suite
300
The Woodlands, Texas 77380
info@mainlandresources.com
|
|
NEWS
RELEASE
MAINLAND ENTERS INTO A MARKETiNG
SERVICES AGREEMENT WITH SEI ENERGY TO EXPAND its GAS MARKETING
OPTIONS ON ITS HAYNESVILLE SHALE OPERATING AREA
Houston,
TX - January
20, 2011 - Mainland Resources, Inc. (the " Company " or " Mainland " ) (OTCQB: MNLU, Frankfurt: 5MN)
(www.mainlandresources.com) has entered into a Marketing Services
Agreement (MSA) with SEI Energy, LLC (SEI) to provide gas marketing
options.
SEI Energy is a
provider of marketing services and a purchaser of natural gas
production in the Mississippi area. Its initial services under the
MSA to Mainland will include an analysis of the Buena Vista area
gas marketing conditions and outlook, availability of treatment
facilities, pipeline availability and capacities, system pressures,
gas quality specifications, midstream/gathering and downstream
installation options, pricing strategies, cost benefit analyses and
potential markets. SEI will also advise Mainland on natural gas
liquids marketing options.
The term of the
MSA is for the latter of a period of one year or until the Company
delivers its first production.
In accordance
with the terms of the MSA, the parties have agreed to enter into a
form of Natural Gas Purchase Agreement (GPA) prior to the Company
initiating production, and which GPA will contain certain already
agreed upon provisions and inclusive of, without limitation,
SEI ' s
obligation to deliver optimal gas price value for the
Company.
Company CEO Nick
Atencio states, " As we enter into the analysis
and testing phase for the Burkley-Phillips #1 well, it is important
to have a more detailed understanding of the gas marketing,
treatment and transportation environment in our operating area.
This agreement allows us the flexibility to investigate the key
factors related to monetizing gas in this area and also provides
Mainland the ability to maximize revenues by maintaining the most
competitive marketing terms available in our area. We look forward
to working with SEI and their experienced marketing and transport
staff. "
About Mainland
Resources, Inc.
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
Symbol: MNLU
- OTCQB, Symbol:
5MN; Frankfurt, WKN No.: A0ND6N
Contact: Investor
Relations (USA)
Toll-Free
North America +1-877-662-3668
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 AMENDE
