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Maverick Signs Agreement to Complete and Recomplete Five Wells in Cass and Marion County, Texas
Maverick Signs Agreement to Complete and Recomplete Five Wells in Cass and Marion County, Texas.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"ST AUGUSTINE, FL / ACCESSWIRE / April 28, 2022 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce the signing of an agreement to Complete and Recomplete Five (5) Wells located in Cass and Marion County, Texas.Basic terms of the Agreement are that Maverick will pay for 100% of the Completion and Recompletion of each of the five designated wells and receive a 50% interest in three of the currently producing wells and a 70% interest in the wells with uncompleted producing zones (DUC's). All five wells produce from the prolific Cotton Valley Formation at approximately 9,000 feet deep.The first two wells to be recompleted are currently producing approximately 180,000 cubic feet of gas and 10 barrels of condensate per day. Maverick believes that with some routine downhole remediation production from these first two wells could increase to approximately 700,000 cubic feet of gas and 50 barrels of condensate (oil) per day.The third well is a horizontal well currently producing a small amount of gas and condensate. Maverick believes that with a simple "clean out", production will increase to over 300,000 cubic feet of gas and 25 barrels of condensate per day. Maverick will perform the "clean out" in conjunction with Maverick's licensor, USR Drilling of Houston, Texas.The fourth and fifth wells will be the completion of Cotton Valley Zones that were drilled, cased, and logged but never produced. Maverick believes upon completion production could achieve rates of over 1 million cubic feet of gas and 100 barrels of condensate per day from each well.Maverick will be the operator of each well with the current owners engaged as contract operators for day-to-day activities. Maverick expects work on these wells to commence immediately.James McCabe, President and CEO of Maverick Energy Group, Ltd. commented; "This is a landmark Agreement at Maverick's current stage of development. The Agreement provides for current production and cash flow, existing high value wells to develop, room for further development, and an excellent technical team."J. David LaPrade, Chief Operating Officer of Maverick Energy Group, Ltd. also commented; "I believe the acquisition of Maverick's East Texas Cotton Valley wells is a game changer. The Cotton Valley reservoirs are not only prolific producers but are ideally su...