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Maverick Energy Group, LTD Announces The Commencement of Drilling of Third well in Big Foot Field
Maverick Energy Group, LTD Announces The Commencement of Drilling of Third well in 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 commencement of drilling of the third well which is 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. The initial drilling phase of the well began on January 30th and is expected to be completed this week. Once the well is drilled, the well will be logged and scheduled for completion in the month of February.\r\n\tThis is the third well of five scheduled wells to be drilled and completed as part of the initial funding with the Gasrock Capital, LLC funding. Of the first two wells drilled one is completed and in the testing stage and the second well was fractured yesterday and will be placed on line and tested over the next two weeks. It is expected that both wells will produce oil and gas in commercial quantities. Initial flow rates on the first well should be available by the middle of February. The inclimate weather at Big Foot the second half of January has delayed the testing and completion operations on the first two wells.\r\n\t\"Maverick is very pleased with the progress on the drilling program to date and expects to release initial production data on the first two wells in the very near future\" stated Jim McCabe the CEO of Maverick.\t\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\nFurther information can be found at http://www.maverickenergygroup.com/\r\nor www.pinksheets.com or \r\n\r\nPlease contact:\r\nInvestor relations\r\[email protected]\r\n1-918-280-7781\r\n\r\n\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 expec...