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PGPU/Maverick Announces Drilling Rig In PlaceTo Begin First Of Two New Drilling Sites
PGPU/Maverick Announces Drilling Rig In PlaceTo Begin First Of Two New Drilling Sites.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":" PGPU / Maverick Energy (PGPU.PK) is pleased to announce that a rig has been moved on to the first lease of two Horizontal Drilling sites. Maverick will be utilizing its proprietary Horizontal Drilling technology to re-enter and drill horizontally on the first of two targeted locations. Maverick has a 12.5% working interest in these wells as well as a contract to drill two producing and one disposal well on the target leases. Once production is established, Maverick will become the operator of the wells. \r\n\r\n Based upon expected production from the targeted zones, production from each well could exceed 100 barrels of oil per day. \r\n\r\n \"This should prove to be a strong addition to our portfolio\", stated PGPU/Maverick CEO James McCabe, \"that we expect will increase our bottom line and shareholder value\"\r\n\r\n PGPU/Maverick recently announced its acquisition of 11.517% of the Big Foot Oil Field, of which it is also operator of that field.\r\n\r\n PGPU/Maverick Energy is the operator of the 'Big Foot Field\" in West Texas originally developed by Royal Dutch Shell (RDS-A) recently valued at $19 million it has approximately 300 wells in the field of which about 200 are presently revenue producing.\r\n PGPU/Maverick is also proprietary owner and operator of several producing natural gas fields and owns approximately 50 additional natural gas leases in West Virginia.\r\n \r\n Further information can be found at http://www.maverickenergygroup.com/\r\nor 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 sta...