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Maverick Energy Group Announces Funding Increase to $75 Million
Maverick Energy Group Announces Funding Increase to $75 Million.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces Funding Increase to $75 Million\n\nTULSA, OK - November 14, 2007 - Maverick Energy Group, LTD (Other OTC: MKGP) (Maverick), a member of Z2, LLC, is pleased to announce the completion of its first 22-well workover program for Z2, LLC (Z2). The 22 workovers, as well as the drilling of 6 PUDs, were part of the initial operations planned by Z2 with funding from the $40,000,000 Advancing Credit Facility which Z2 closed with Gasrock Capital, LLC (Gasrock) the latter part of August, 2006. Once the initial phase was completed the second phase of the drilling of PUDs and deepening of wells was commenced. This has included the completion of an additional 5 PUDs and 19 deepenings through the end of October. As a result of Z2's success, which more than doubled the oil and gas production of the Big Foot Field, Gasrock has increased its facility size to $75,000,000. \n\n\"Maverick has expanded its drilling program with Z2's Gasrock funding, enabling our operations to continue to drill new wells and deepen existing wells. In the past 12 months, Maverick has increased oil sales from approximately 7,000 barrels of oil per month to over 16,000 barrels per month. Also during this time, Maverick built a gas pipeline, gathering systems and gas plant, and generated gas sales of over 350 mcfd. We expect to increase our oil and gas production in the Big Foot Field by another 20% before the end of 2007,\" says Jim McCabe, CEO of Maverick Energy Group, LTD. \n\n\"We are planning other projects in this field that, once implemented, we expect to add to our production, further increasing our revenues and bottom line,\" continues McCabe. \n\nAbout Maverick Energy Group, LTD \n\nMaverick 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 Royal Dutch Shell (RDS-A). The Big Foot Field has approximately 310 production wells in the field, of which approximately 225 are presently revenue producing. 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 i...