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Maverick Energy Group, LTD Announces The Initial Production from the Drilling of the Third Well in the Big Foot Field
Maverick Energy Group, LTD Announces The Initial Production from the Drilling of the Third Well in the Big Foot Field.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"\tMaverick Energy Group, LTD (PINKSHEETS: MKGP) (Maverick) a member of Z2, LLC (Z2) is pleased to announce the initial production results on the third well drilled 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. \n\n\tThe third well?s initial production is averaging 25 Barrels of Equivalent Oil (combined oil and gas production). This is 25% greater than the anticipated production of 20 BOE per day. \n\n\tIn addition, the fourth and fifth wells have been successfully drilled and fractured and have been placed on pump. It is anticipated that initial flow results will be available in the second half of March.\n\n\t?Maverick is very pleased with the initial production on the three wells and looks forward to continued success on the next wells which have been placed on pump? stated Jim McCabe the CEO of Maverick. ?Maverick looks forward to the completion of the second phase of the plan to develop the Big Foot Field with the $40,000,000 Advancing Credit Facility with Gasrock Capital, LLC.?\t\n\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. \n\nFurther information can be found at http://www.maverickenergygroup.com/ \nor www.pinksheets.com or \n\nPlease contact: \nInvestor relations \[email protected] \n1-918-280-7781 \n\n\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 competition; availability and cost...