Business
CORRECTION: Maverick Energy Group Completed Gas Pipeline in Big Foot Field and Commencement of Natural Gas Sales
CORRECTION: Maverick Energy Group Completed Gas Pipeline in Big Foot Field and Commencement of Natural Gas Sales.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Completed Gas Pipeline in Big Foot Field and Commencement of Natural Gas Sales TULSA, OK - May 17, 2007 - Maverick Energy Group, LTD (Other OTC: MKGP) a member of Z2, LLC (Z2) is pleased to announce that work on a portion of the refurbished natural gas pipeline system has been completed in the Big Foot Field in Frio County, Texas, where Maverick serves as the operator and is a member of Z2. The pipeline is capable of carrying approximately 500 MCF of gas per day. Maverick also recently started selling natural gas produced in the Big Foot Field. \"We are pleased that construction has been completed on the new natural gas delivery pipeline in the Big Foot Field which enables the Z2 members to conveniently transport the natural gas we are producing directly to the first purchaser. We are already pushing 150 to 200 mcf of gas per day through the new system. That number should steadily climb over the next 90 days or so until we reach full capacity of 500 mcf of gas being sold per day. Coupled with the previously announced increases in producing wells and the expected schedule of as many as 36 new wells operating in Big Foot within a year and their resulting oil and gas, the outlook is extremely bright for Maverick and the other Z2 members,\" says Jim McCabe, CEO of Maverick Energy Group, LTD.Maverick announced earlier this month that that oil production in the Big Foot Field had increased from approximately 7,500 barrels of oil per month in August 2006 to in excess of 10,000 barrels of oil per month in March 2007 and it has set a goal of drilling three new puds (wells) per month in the Big Foot Field for the foreseeable future. This increase in production should translate into an additional $1,000,000 to $1,250,000 in revenue per month for Maverick and the Z2 members. Drilling operations in the Big Foot Field are being funded through a $40,000,000 Advancing Credit Facility which Z2, LLC closed with Gasrock Capital, LLC in August of 2006.About Maverick Energy Group, LTD Maverick Energy Group LTD, based in Tulsa, OK, is engaged in the domestic exploration and production of crude oil and natural gas. Its management team has over 150 combined years of experience in the oil & gas and financial services industries. Maverick Energy is the Operator of the \"Big Foot Field\" in Texas, which was originally developed by Ro...