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Maverick Energy Group LTD Announces the Completion of
Maverick Energy Group LTD Announces the Completion of.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"PGPU/Maverick Energy Group, Ltd (PGPU.PK) (Maverick) on the Pink Sheets, along with the other members of Z2, LLC (Z2) is pleased to announce the closing of a $40,000,000 Advancing Credit Facility with Gasrock, LLC of Houston, Texas on August 25th, 2006. This financing will permit Z2 to further exploit its Big Foot Field holdings in Texas. The financing will be utilized to rework producing wells which are currently not producing and to begin a drilling program on a portion of the 200 proven undeveloped locations contained in Z2's engineering report dated January 1st, 2006.\r\n\r\nAccording to Z2's most recent engineering report, the estimated future net revenue from the producing properties may be in excess of $38,000,000 and the estimated future net revenue from the Proven Undeveloped Properties (PUDS) yet to be drilled could be in excess of $353,000,000.\r\n\r\n\"The completion of the Gasrock, LLC financing will allow Z2, and Maverick as a member of Z2, to aggressively develop the Big Foot Field and, hopefully, increase the profitability of Z2 at a time when Oil and Gas prices continue to maintain support above $60 per barrel. This type of financing is what this field has lacked since Shell Oil Company sold the field in 1992. Maverick as both a membership owner of Z2 and the operator of the field is extremely pleased that this funding was completed,\" stated James McCabe, CEO of Maverick.\r\n\r\nMaverick owns an 11.517% membership interest in Z2 and currently holds an option to acquire an additional 13.184% membership interest in Z2. If it were to exercise this option, Maverick's membership interest in Z2 would increase to approximately 24.7%. Maverick's option exercise price is $750,000 and may be exercised at any time through January 17th, 2007.\r\n\r\nPGPU/Maverick Energy Group LTD is the operator of the \"Big Foot Field\" in West Texas originally developed by Royal Dutch Shell (RDS-A) and recently valued at approximately $19 million. It has approximately 300 wells in the field of which approximately 240 are presently revenue producing. PGPU/Maverick is also the proprietary owner and operator of several producing natural gas fields and owns additional natural gas leases in West Virginia. The President of Maverick also serves as the Chief Financial Officer of Z2, LLC.\r\n\r\nFurther information can be found at http://www.mave...