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Maverick Energy Group, LTD Announces Signing of a Gas Contract for the Big Foot Field
Maverick Energy Group, LTD Announces Signing of a Gas Contract for the Big Foot Field.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group, LTD (PINKSHEETS: MKGP) (Maverick) a member of Z2, LLC is pleased to announce the completion of negotiations and signing of a gas contract with a first purchaser at the \"Big Foot Field\" in Texas. It is projected that gas will begin being sold within the next 30 to 60 days. Preliminary tests indicate the field could deliver between 300 and 500 MCF's per day to the first purchaser. The construction and repair of the gathering system in the field 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. \tMaverick is the operator of the field and owns 11.5% member interest in Z2, the owner of the field, and currently holds an option to acquire an additional 13.184% membership interest in Z2. Maverick's option exercise price is $1,000,000 and may be exercised at any time through July 17th, 2007. If it were to exercise this option, Maverick's membership interest in Z2 would increase to approximately 24.7%.\r\n\t\"The signing of the gas contract for the Big Foot Field is another revenue opportunity made available by Z2's Gasrock financing\" stated Jim McCabe, CEO of Maverick.\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\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 compet...