PGPU/Maverick Energy (PGPU.PK on the Pink Sheets) is pleased to announce today that it has finalized an agreement for the acquisition of an 11.517% interest in Z2, LLC. Z2, LLC owns 100% of the working interest in the 7,200 acre Big Foot oil field located in Frio and Atascosa Counties, Texas.
According to Z2's most recent engineering report with an effective date of January 1st, 2006, the total future net revenue from the producing properties is in excess of $38,000,000 and the future net revenue from the 200 Proved Undeveloped Properties (PUDs) yet to be drilled is in excess of $353,000,000.
Pinnacle Group/Maverick is currently the operator of the field which contains approximately 300 producing wells. The field currently produces in between 8,000 and 9,000 barrels per month.
Maverick intends to work with the other members of Z2 to rework shut in wells and obtain the funds to drill several of the 200 PUDs available over the next twenty-four months.
"The acquisition of the interest in Z2 strengthens Maverick's position as both the operator and part owner of an oil field with significant reserves. This, along with the development of our gas reserves in West Virginia, will provide Pinnacle/Maverick with a nice balance between oil and gas reserves," stated James McCabe, CEO of Pinnacle/Maverick.
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 100 are presently revenue producing.
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.
Further information can be found at http://www.maverickenergygroup.com/
or www.pinksheets.com
This 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 standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For further information, please contact:
Investor relations
lopez@maverickenergygroup.com
1-918-280-7781
Source: PGPU/Maverick Energy Group.