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Maverick Energy Group Ltd. Announces Initial Inspection Results of Permian Basin Assets
Maverick Energy Group Ltd. Announces Initial Inspection Results of Permian Basin Assets.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"ST AUGUSTINE, FL / ACCESSWIRE / March 2, 2022 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas company, announced today that Maverick has completed an additional onsite review of Maverick's Permian Basin assets on February 24-26, 2022.Maverick inspected several of its fields located in Glasscock and Howard County Texas which comprise over 1,280 acres. The production facilities were found to be generally in good condition with electric power to most wells in place. Most of the producing wells appear to only need turning on to begin producing oil. Maverick has a 100 percent working interest ownership in the Glasscock and Howard County Texas leases.The other Maverick leasehold inspected is in Pecos County, Texas with a combination of producing and injection wells comprising over 10,000 acres. Maverick owns one hundred percent of the working interest in this leasehold with full depth rights. These wells appear to have very good pressure at the wellhead. All production equipment is in place.Maverick's offices are suitable for conducting day-to-day operations and were found to contain extensive and well-maintained files and records on all the wells and acquired assets. Maverick is considering adding personnel to oversee the day-to-day administrative operations in the Midland office.A visit was made to Maverick's commercial saltwater disposal facility and found to be in excellent condition. The 10-acre site has a disposal capacity of 10,000 barrels per day and has two truck bays to receive water. All equipment is in place, including to recover "skim" oil from salt water before it is disposed. In addition, there is a fresh water well which can provide another source of revenue.A meeting was held in USR's Houston office on Saturday February 26th with Maverick's COO David LaPrade. Extensive discussions were held on Mavericks Permian assets, to include returning all assets to a productive status, insuring all regulatory and title requirements are met, and identifying additional upside potential that can be developed. A member of USR's technical team will further evaluate Maverick's assets and recommend additional development efforts.About Maverick EnergyGroupMaverick Energy Group, LTD is a crude oil and natural gas acquisition, production, explorati...