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Maverick Energy Group Updates Drilling Forecast and Production Numbers for Big Foot Field
Maverick Energy Group Updates Drilling Forecast and Production Numbers for Big Foot Field.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Updates Drilling Forecast and Production Numbers for Big Foot Field\n\n \n\nTULSA, OK - May 4, 2007 - Maverick Energy Group, LTD (Other OTC: MKGP) a member of Z2, LLC (Z2) is pleased to announce that production has steadily increased in the Big Foot Field in Frio County, Texas, where Maverick serves as the operator and is a member of Z2. Oil production in the Big Foot Field has increased from approximately 7,500 barrels of oil per month in August 2006 to in excess of 10,000 barrels of oil per month in March 2007.\n\nDrilling operations in the Big Foot Field have also increased and are expected to continue increasing for the foreseeable future. Maverick's goal is to start drilling three (3) new puds (wells) in May and then keep up this pace by drilling three new wells per month in the Big Foot Field from here out. \n\n\"Each new well we bring online produces 18-25 barrels of oil per day on average as well as varying amounts of natural gas. Since we are usually able to get each new pud drilled and online (producing) within a one month timeframe, we could see as many as 36 new wells operating within a year. That could increase our overall production by as much as 18,000 to 20,000 barrels of oil per month. At current prices, that should translate into an additional $1,000,000 to $1,250,000 in revenue per month for Maverick and its Z2 partners. Revenue from a predicted 10-15 million additional cubic feet of natural gas per month could really make for a significant jump in revenues in the coming year,\" says Jim McCabe, CEO of Maverick Energy Group, LTD.\n\nDrilling operations in the Big Foot Field are being funded through a $40,000,000 Advancing Credit Facility which Z2, LLC closed with Gasrock Capital, LLC in August of 2006\n\nAbout Maverick Energy Group, LTD \n\nMaverick Energy Group LTD, based in Tulsa, OK, is engaged in the domestic exploration and production of crude oil and natural gas. Its management team has over 150 combined years of experience in the oil & gas and financial services industries. Maverick Energy is the Operator of the \"Big Foot Field\" in Texas, which was originally developed by Royal Dutch Shell (RDS-A). The Big Foot Field 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 ...