Maverick Announces Agreement with USR Resources LLC

Rhea-AI Summary

Maverick Energy Group, Ltd. (OTC PINK:MKGP) has entered into a significant agreement to acquire the first US license from USR Resources LLC. This license allows Maverick to utilize USRR's proprietary drilling systems designed for Ultra Short Radius (USR) wells, providing advantages such as lower drilling costs and longer production life. USRR will assist in training and supervising Maverick in implementing this technology. The partnership aims to enhance production from existing oil and gas fields at reduced risks and costs.

Positive

• Acquisition of the first US license from USR Resources, enhancing technological capabilities.
• Reduced drilling costs due to the lightweight nature of USR drilling systems.
• Potential for increased production from existing wellbores, accessing untapped reserves.

Negative

• None.

ST. AUGUSTINE, FL / ACCESSWIRE / October 28, 2020 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce our agreement to acquire the first US license from USR Resources LLC. The following is a description of our License by David LaPrade:

Maverick Energy Group, Ltd. (Maverick) has entered into a Heads of Agreement (the "Agreement") to acquire a Technology License from USR Resources LLC "USRR" a Houston, Texas based company. This is the first USR Technology License to be granted in the United States. Maverick will have the right to own and operate USRR's proprietary drilling systems which include rotary steerable assemblies and specialty mud motors. USRR's drilling systems are designed for use in the drilling of Ultra Short Radius (USR) wells. USRR will provide the necessary training, supervision, and equipment required by Maverick to fully implement the USR Technology on its oil and gas properties. USRR will participate as partner in the development of Maverick's assets.

USRR is the energy industries' sole and exclusive provider of Ultra Short Radius Drilling services. Its drilling and engineering teams have planned, drilled, and completed more than 500 wells in the US, Oman, Turkey, Myanmar, Indonesia, Pakistan, India, Gabon, and China.

A USR well design offers many distinct advantages over conventionally drilled horizontal wells.

Some key features are:

• Downhole pumps can be set in a vertical position and at or near the top of the reservoir as opposed to hundreds of feet above the reservoir. This allows for a longer production life due to lower abandonment pressures.
• Unstable and problematic overlying lithologies can be avoided because of the tight radius of curvature drilled. Kickoff points are usually in the target reservoir.
• The cost of drilling a USR well is considerably less than conventional horizontal wells. No heavy drilling rigs or expensive mud systems are required for USR wells, but rather light workover rigs, smaller pumps, and smaller surface packages.
• Existing vertical wellbores are used as opposed to the drilling of new wells. This is not only economically beneficial but environmentally beneficial as well.

These key advantages translate to accessing non-produced reserves at lower risk and lower cost.

Maverick will focus on acquiring producing oil and gas fields that can be further developed by sidetracking into untapped reserves from existing wellbores. Current market conditions require a low-cost approach to boosting current production levels and improving ultimate recovered reserves.

Upon the grant of the License, the board of Maverick will include principles of USRR, David LaPrade and John Ogden.

Maverick Energy Group, Ltd. FORWARD-LOOKING STATEMENTS

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect," "intend," "plan," "estimate," "anticipate," "believe," "should," or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Further details are available at https://maverick-energy.com.

CONTACT:

Maverick Energy Group, LTD
Signed: "James McCabe"
James McCabe, CEO and Director
mkgpinquiries@gmail.com
(800) 674-6341

SOURCE: Maverick Energy Group, Ltd.

View source version on accesswire.com:
https://www.accesswire.com/613009/Maverick-Announces-Agreement-with-USR-Resources-LLC

FAQ

What is the recent agreement Maverick Energy Group entered into?

Maverick Energy Group has agreed to acquire the first US license from USR Resources LLC for proprietary drilling technology.

How will the USR license benefit Maverick Energy Group?

The USR license will allow Maverick to utilize advanced drilling systems, reducing costs and increasing production efficiency.

What is the stock symbol for Maverick Energy Group?

The stock symbol for Maverick Energy Group is MKGP.

What are the advantages of Ultra Short Radius drilling?

USR drilling offers lower costs, longer production life, and access to non-produced reserves with reduced risks.

Who will assist Maverick in implementing the USR technology?

USR Resources LLC will provide training, supervision, and equipment to Maverick Energy Group.