Maverick Energy Group, Ltd Announces Commencement of Workover Program
2006-10-12 12:13 ET - News Release
TULSA, OK — (MARKET WIRE) — 10/12/06
Maverick Energy Group, Ltd (PINKSHEETS: MKGP) (Maverick), a member of Z2, LLC, is pleased to announce the commencement of a 22-well workover program for Z2, LLC (Z2). The 22 workovers, as well as the drilling of 6 PUDs are part of the initial operations planned by Z2 with funding from the $40,000,000 Advancing Credit Facility which Z2 closed with Gasrock Capital, LLC the latter part of August, 2006.
The first three workovers were completed and the preliminary results indicate an increase of 4 barrels per day per well. If all 22 workovers produce at the expected increase in barrels per day, the overall production in the field could increase by in excess of 20%.
Maverick is the Operator of the field and owns an 11.5% member interest in Z2, the owner of the Big Foot Field.
Maverick owns an 11.517% membership interest in Z2 and currently holds an option to acquire an additional 13.184% membership interest in Z2. If it were to exercise this option, Maverick’s membership interest in Z2 would increase to approximately 24.7%. Maverick’s option exercise price is $750,000 and may be exercised at any time through January 17th, 2007.
Maverick Energy Group, Ltd is the operator of the “Big Foot Field” in West Texas originally developed by Royal Dutch Shell (RDS-A) and recently valued at approximately $19 million. It has approximately 300 wells in the field of which approximately 240 are presently revenue producing. Maverick is also the proprietary owner and operator of several producing natural gas fields and owns additional natural gas leases in West Virginia. The President of Maverick also serves as the Chief Financial Officer of Z2, LLC.
Further information can be found at
http://www.maverickenergygroup.com/ or http://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.
For further information, please contact:
Investor relations
lopez@maverickenergygroup.com
1-918-280-7781
posted by mkgp @ 12:36
