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Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project
Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Aug 29, 2011OTC Disclosure & News Service Tulsa, OK - Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project According to Maverick Energy Group, LTD CEO James McCabe, “Maverick is currently drilling the third producing well, after successfully drilling the first two of four producing wells in the Larremore Field, in which Maverick has retained 25% of the Working Interest in the current five-well program. After drilling and completing the saltwater disposal well and the fourth producing well, we plan to assemble the oil flow lines and other production facilities to test the productivity of the first well,” says McCabe. “Based upon these results, we will drill the final well and complete the remaining three wells. The first two producing wells exceeded our expectations in regard to size and quality of the reservoir, and ourlog results indicate that these wells also should exceed our expectations in oil production,” stated McCabe. “Upon the successful completion of the first four producing wells in this project, Maverick will continue development of an additional 21 prospective well sites in the Larremore Field.” Over the past twelve months, Maverick Energy Group, LTD has leased the acreage in the Larremore Field in Caldwell County, Texas that includes oil wells in a proven productive field in which several wells were previously drilled by some of the major oil companies. The current Larremore Project is a 700 acre lease, in which we are currently drilling four producing wells and one salt water disposal well. The target zone is the Edwards Limestone Zone at a depth of 1,250 feet. The first well drilled in 1928 tested at over 400 barrels of production per day (BOPD) and has produced in excess of 100,000 barrels since inception. In 1994, Meridian Oil drilled a horizontal well which produced in excess of 175,000 barrels, with the majority of that oil being produced in the first six years, and is still producing about 20 BOPD. Based upon engineering reports generated over the years, it is estimated that the proposed wells will have between 40,000 and 50,000 barrels of reserves per well. Based upon the four well projection and the assumption that the wells begin producing at 50 barrels of oil per day, such wells will provide a projected payback ...