Business
Maverick Energy Group Raises $400,000 in Fixed Convertible Debt
Maverick Energy Group Raises $400,000 in Fixed Convertible Debt.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"ST AUGUSTINE, FL / ACCESSWIRE / April 14, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTC PINK:MKGP) ("Maverick"), announced today that the company has raised $400,000 in convertible debt financing through a series of notes. The terms of the loans are one year and the lenders have an option to convert principle and interest into Maverick common stock @ $.20/share. Lenders have also been provided an aggregate total of 4 million warrants exercisable into Maverick common shares @ $.35/share. This represents a potential future funding for Maverick of $1.4 million.These funds will be used to acquire and produce a select number of oil and gas projects in existing fields. Maverick expects an evaluation period of no more than thirty days to select the best candidates as initial development projects.Candidates consist of existing wells with behind pipe productive zones, existing producing zones for recompletion, and wells to be deepened to known producing formations. In all cases, and in accordance with Maverick's current business model, all candidates will be evaluated for completion using the company's licensed USR Drilling horizontal drilling technology.This funding is a significant development for Maverick as it allows the company to begin field operations and establish cash flow almost immediately, rather than waiting for the company's $20 million Regulation A+ application to be approved by the SEC. An additional $8 million of funding has already been committed to the company upon approval of the Regulation A+ application.About Maverick Energy GroupMaverick Energy Group LTD is a crude oil and natural gas acquisition, production, exploration, and horizontal drilling development company focusing on select areas of North America. Maverick's access to patented and proprietary horizontal production enhancement technologies facilitates the rapid accumulation of valuable oil and gas assets, while at the same time greatly improving the rate of production and lifetime potential of these properties.Company Website: www.maverickeg.comSafe Harbor StatementThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," &qu...