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Maverick Energy Group, LTD Announces The Initial Production from the Drilling of two Wells
Maverick Energy Group, LTD Announces The Initial Production from the Drilling of two Wells.
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 initial production results on the first two wells drilled which 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. \r\n\tThe first well's initial production is averaging 17 Barrels of Equivalent Oil (combined oil and gas production) and the second well's initial production is averaging 30 barrels of Equivalent Oil. \r\n\tIn addition, the third well has been successfully drilled and is scheduled for fracture and completion the last week in February.\r\n\t\"Maverick is very pleased with the initial production on the two wells and looks forward to continued success on the next wells which are currently being drilled and completed \" 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. Further 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; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and service...