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Maverick Energy Group, LTD Announces The Completion of Drilling of Fourth well in Big Foot Field
Maverick Energy Group, LTD Announces The Completion of Drilling of Fourth 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 successful completion of drilling of the fourth 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 February 14th and was completed today. The well will be logged and scheduled for completion the first half of March. In addition, the drilling of the fifth well in Z2's current program is scheduled to begin tomorrow.\r\n\tThese wells are the fourth and fifth wells of five scheduled wells to be drilled and completed as part of the initial funding with the Gasrock Capital, LLC funding. Of the first three wells drilled, two are completed and producing and the third well is scheduled for fracture on February 25th and will be placed on line and tested in the first half of March. Initial flow rates on the third well should be available by the middle of March. \r\n\t\"Maverick continues to be pleased with the progress on the drilling program to date and looks forward to placing the next three wells in production\" 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 expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncerta...