Business
Maverick Energy Group, LTD Announces Field Production Up 15%
Maverick Energy Group, LTD Announces Field Production Up 15%.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group, LTD a member of Z2, LLC is pleased to announce an update to the Z2 well workover program for Z2, LLC (Z2). The Z2 workovers are part of the initial 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 the latter part of August, 2006.\r\n\tApproximately 16 of the 22 workovers have been completed and placed back on line and are producing. The overall daily field production has increased by approximately 15% and could increase to 300 barrels of production per day once all the Z2 workovers are completed and producing, which would represent an overall increase of approximately 20%. \r\n\t\"The results of the increased production from the initial reworks are as expected. Maverick is very pleased and plans to complete additional reworks throughout 2007,\" stated Jim McCabe, CEO of Maverick.\r\n\tMaverick is the operator of the field and owns an 11.5% member interest in Z2, the owner of the Big Foot Field.\r\n\tMaverick Energy Group LTD (formerly Pinnacle Group Unlimited, Inc) 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. PGPU/Maverick is also the part owner of several producing natural gas wells and owns additional natural gas leases in West Virginia. \r\n\r\nFurther information can be found at\r\nhttp://www.maverickenergygroup.com/\r\nor \r\nhttp://www.pinksheets.com/\r\nThis release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; cha...