Business
Pinnacle Group Unlimited Inc. (Maverick Energy Group) Announces Completion of 4 Wells in West Virginia
Pinnacle Group Unlimited Inc. (Maverick Energy Group) Announces Completion of 4 Wells in West Virginia.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Pinnacle Group Unlimited (PGPU on Pink Sheets) is pleased to announce the drilling and completion of its first four wells in West Virginia in 2006.\r\n\r\nThe first two wells, the Digman #1 and Digman #2, have been drilled and completed to the Big Injun and Gordon formations. The initial tests show that each well will deliver approximately 100,000 cubic feet of gas per day in the line. The expected ultimate recoverable reserves for each of these two wells are approximately 250 million cubic feet of gas.\r\n\r\nBased upon the standard market price of natural gas which is currently at $7.00 per thousand cubic feet of gas, the Gross Income from production for the next twelve months will exceed $250,000 per well. These wells should be selling gas by the end of April.\r\n\r\nThe second two wells, the Hutson #1 and Hutson #2, have been drilled and completed to the Gordon Formation. The initial tests indicate that each well will deliver approximately 60,000 cubic feet of gas per day into the line. The expected ultimate recoverable reserves for each of these two wells are 185 million cubic feet of gas.\r\n\r\nBased upon the standard market price of natural gas quoted above, the Gross Income from production for the next twelve months will exceed $150,000 per well. Both wells should be selling gas by the middle of April.\r\n\r\nPGPU (Maverick) will retain a 25% working interest in all of the above wells.\r\n\r\nAs previously stated, PGPU projects to drill an additional 25 wells in West Virginia this year.\r\n\r\nJames McCabe, CEO stated, \"We are very excited with the potential production of these first four wells. And based upon those results, PGPU continues to acquire additional leases in West Virginia.\"\r\n\r\nFurther information can be found at www.pinnaclegli.com or http://www.maverickenergygroup.com/\r\nor www.pinksheets.com\r\n\r\n\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...