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Maverick Energy Group, LTD Announces The Commencement of Construction of Gas Gathering System
Maverick Energy Group, LTD Announces The Commencement of Construction of Gas Gathering System.
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 beginning of the construction and repair of the existing gas gathering system at the \"Big Foot Field\" in Texas. 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. Once the construction and repairs are completed preliminary tests indicate the field could deliver between 300 and 500 MCF per day to the first purchaser. Maverick has negotiated and should finalize a gas contract within the next two weeks.\r\n\tMaverick is the operator of the field and owns 11.5% member interest in Z2, the owner of the field.\r\n\tIn addition, Maverick has negotiated a new six month 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 addition of the gas gathering system resulting in the sale of gas from the Big Foot Field is an enhancement to the oil sales contemplated from Z2's Gasrock financing. Maverick is pleased with the potential for additional income which the sale of gas represents\" 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. \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 mar...