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Maverick Energy Group, LTD Schedules the Drilling of Additional Well in the Big Foot Field
Maverick Energy Group, LTD Schedules the Drilling of Additional Well in the 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 permitting 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 drilling rig has been scheduled to begin drilling prior to the end of January, 2007 unless inclimate weather delays the start date.\r\n\tMaverick is the operator of the field and owns 11.5% member interest in Z2, the owner of the field, and currently holds an option to acquire an additional 13.184% membership interest in Z2. Maverick's option exercise price is $1,000,000 and may be exercised at any time through July 17th, 2007. If it were to exercise this option, Maverick's membership interest in Z2 would increase to approximately 24.7%.\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 230 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. \r\n\r\nFurther information can be found at\r\nhttp://www.maverickenergygroup.com/\r\nor \r\nhttp://www.pinksheets.com/\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 services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; including the geopolitical environme...