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Larremore Project
In 1994, Meridian Oil drilled a horizontal well which produced in excess of 175,000 barrels, with the majority of that oil being produced in the first six years. Based upon engineering reports generated over the years, it is estimated that the proposed wells will have between 40,000 and 50,000 barrels of reserves per well.
Based upon the four well projection and the assumption that the wells begin producing at 50 barrels of oil per day, such wells will provide a projected payback period of six months at the current price of oil. It is expected that the wells will continue to provide an income stream for the next fifteen to twenty years.
Maverick Energy Group, LTD is halfway through the funding stage of the current Larremore Project at this time. There are approximately 20-25 total sites to drill on this acreage.
According to Maverick Energy Group, LTD CEO James McCabe, "Maverick is currently drilling the third well, a saltwater
Larremore Project
Over the past twelve months, Maverick Energy Group, LTD has leased acreage in the Larremore Field in Caldwell County, Texas that includes oil wells in a proven productive field in which several wells were previously drilled by some of the major oil companies. The current Larremore Project is a 700 acre lease, which includes four producing wells and one salt water disposal well.
The target zone is the Edwards Limestone Zone at a depth of 1,250 feet. The first well drilled in 1928 tested at over 400 barrels of production per day (BOPD) and has produced in excess of 100,000 barrels since inception.In 1994, Meridian Oil drilled a horizontal well which produced in excess of 175,000 barrels, with the majority of that oil being produced in the first six years. Based upon engineering reports generated over the years, it is estimated that the proposed wells will have between 40,000 and 50,000 barrels of reserves per well.
Based upon the four well projection and the assumption that the wells begin producing at 50 barrels of oil per day, such wells will provide a projected payback period of six months at the current price of oil. It is expected that the wells will continue to provide an income stream for the next fifteen to twenty years.
Maverick Energy Group, LTD is halfway through the funding stage of the current Larremore Project at this time. There are approximately 20-25 total sites to drill on this acreage.
According to Maverick Energy Group, LTD CEO James McCabe, "Maverick is currently drilling the third well, a saltwater
disposal well, after successfully drilling the first two of four producing wells in the Larremore Field, in which Maverick has retained 25% of the Working Interest in the current five-well program. After drilling and completing the saltwater disposal well, we plan to assemble the oil flow lines and other production facilities to test the productivity of the first well,” says McCabe.
“Based upon these results, we will drill the final two wells and complete the remaining three wells. The first two producing wells have exceeded our expectations in regard to size and quality of the reservoir, and our log results indicate that these wells also should exceed our expectations in oil production,” stated McCabe. “Upon the successful completion of the first four producing wells in this project, Maverick will continue development of an additional 21 prospective well sites in the Larremore Field."
The Larremore Project is located in Caldwell County, Texas, 90 miles northeast of the Big Foot Field and 25 miles southeast of Austin.
SHAMROCK NEWS ALERT
Maverick owns 100% of the leases of an almost 800 acre tract in the former Diamond-Shamrock field of plugged, recently-producing wells. “We re-entered and brought online two of the 32 existing wells this Quarter,” says Maverick Energy Group, LTD CEO James McCabe. We are awaiting completion on a third well, and currently re-drilling a fourth well.”
Maverick plans to bring all 32 wells online this year. The expectation is that each well will produce between 3 and 7 BOPD. “We are planning to drill and additional 30 in-field locations in 2012,” McCabe stated.
“Based upon these results, we will drill the final two wells and complete the remaining three wells. The first two producing wells have exceeded our expectations in regard to size and quality of the reservoir, and our log results indicate that these wells also should exceed our expectations in oil production,” stated McCabe. “Upon the successful completion of the first four producing wells in this project, Maverick will continue development of an additional 21 prospective well sites in the Larremore Field."
The Larremore Project is located in Caldwell County, Texas, 90 miles northeast of the Big Foot Field and 25 miles southeast of Austin.
SHAMROCK NEWS ALERT
Maverick owns 100% of the leases of an almost 800 acre tract in the former Diamond-Shamrock field of plugged, recently-producing wells. “We re-entered and brought online two of the 32 existing wells this Quarter,” says Maverick Energy Group, LTD CEO James McCabe. We are awaiting completion on a third well, and currently re-drilling a fourth well.”
Maverick plans to bring all 32 wells online this year. The expectation is that each well will produce between 3 and 7 BOPD. “We are planning to drill and additional 30 in-field locations in 2012,” McCabe stated.