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Maverick Energy Group Announces Initial Production Figures for 4th and 5th New Big Foot Wells and Latest Workover Well
Maverick Energy Group Announces Initial Production Figures for 4th and 5th New Big Foot Wells and Latest Workover Well.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces Initial Production Figures for 4th and 5th New Big Foot Wells and Latest Workover Well\n\nTULSA, OK - April 30, 2007 - Maverick Energy Group, LTD (Other OTC: MKGP) a member of Z2, LLC (Z2) is pleased to announce that production has begun on the fourth and fifth Big Foot wells, which are part of the operations planned by Maverick, as a member of Z2, with funding from the $40,000,000 Advancing Credit Facility which Z2 closed with Gasrock Capital, LLC in August of 2006. Each of these two wells is showing initial daily production in the range of 20 Barrels of Equivalent Oil (combined oil and gas production).\n\nIn addition, a well was re-entered nearby which has been completed in the \"D\" Zone and fraced at approximately 3,600-3,700 feet in depth. This well is also showing an initial average production rate of approximately 100 Barrels of Equivalent Oil per day.\n\n\"The results of the first five new wells Maverick has drilled in the Big Foot Field as part of the Z2 drilling program have exceeded our initial expectations. The three abovementioned wells alone should generate approximately $1,800,000 annually for Maverick and its partners in Z2. These production numbers are very significant and indicate that the data is correct in predicting large reserves still lying beneath the Z2 lease. This is extremely encouraging for the Z2 partners as well as for our financing partner, Gasrock Capital. When combined with the successes we are showing in our other drilling programs, this should be very good news for Maverick's shareholders. We look forward to continuing to expand production within the Big Foot Field while also evaluating other independent drilling opportunities as they arise,\" says Jim McCabe, CEO of Maverick Energy Group, LTD.\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 300 production wells in the field of which approximately 240 are presently revenue producing. Maverick is also the part owner of...