Business
Maverick Energy Group Announces the Successful Completion of the First of Two Horizontal Wells
Maverick Energy Group Announces the Successful Completion of the First of Two Horizontal Wells.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group is pleased to announce the successful completion of the first of two planned Horizontal Wells in Caldwell County, Texas. Maverick has a 12.5% working interest in these wells and was in charge of the supervision for the drilling of the well. Once the production is established on both wells Maverick will become Operator of the wells.\r\n\tThe first well's lateral has been drilled to its targeted footage and the well has been swabbed for several days. Within the next two weeks it is expected that the well will be placed on pump.\r\n\tBased upon the testing to date, the well could produce anywhere from 25 to 100 barrels per day. The actual amount will not be known until the well has been on pump for several weeks.\r\n\t\"The two horizontal wells are one of three main projects which Maverick is involved in and these two could produce a lot of oil. These wells along with our other two projects in Big Foot, Texas and West Virginia give Maverick a very diverse portfolio for an E & P Company our size\" stated Jim McCabe the CEO of Maverick. \"As Maverick continues to develop these projects our gross and net income should increase in 2007 and thereafter.\"\r\n\tIn addition, Maverick, as the operator for Z2, LLC has begun to plan the second phase of its development of the Big Foot Field with the $40,000,000 Advancing Credit Facility which Gasrock made available to Z2 in the second half of last year. Maverick hopes to drill at least an additional 20 PUDS at Big Foot this year and increase the gas line capacity in the second half of 2007.\r\n\tMaverick Energy Group LTD is the Operator of the \"Big Foot Field\" in Texas originally developed by Royal Dutch Shell (RDS-A). It has approximately 300 production wells in the field of which approximately 240 are presently revenue producing. Maverick is also the part owner of several producing natural gas wells and owns additional natural gas leases in West Virginia. The President of Maverick also serves as Chief Financial Officer of Z2, LLC. \r\n\r\nFurther information can be found at http://www.maverickenergygroup.com/ \r\nor www.pinksheets.com or \r\n\r\nPlease contact: \r\nInvestor relations \r\[email protected] \r\n1-918-280-7781 \r\n\r\n\r\nThis release includes forward-looking statements, which are based on certain assumptions and reflects management's current...