Maverick Begins Work to Recomplete First of Five Wells in Cass and Marion County, Texas
Maverick Energy Group (OTC PINK:MKGP) has initiated the recompletion work on the Haggard B #1 well in Marion County, Texas. This project is part of a broader plan involving five wells, where Maverick will hold a 50% working interest and act as the operator. Currently, the Haggard B #1 produces around 180,000 cubic feet of gas and 2 barrels of condensate daily, with expectations to double this output post-recompletion. CEO James McCabe anticipates significant cash flow improvements from this venture.
- Initiation of the Haggard B #1 recompletion project, expected to enhance production significantly.
- Maverick will hold a 50% working interest, aligning incentives for success.
- Current production of 180,000 cubic feet of gas and 2 barrels of condensate daily, with potential for doubling output.
- None.
ST AUGUSTINE, FL / ACCESSWIRE / May 10, 2022 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce the commencement of work to Recomplete the Haggard B #1 located in Marion County, Texas.
As previously reported, Maverick is commencing work this week on the Haggard B #1 located in Marion County, Texas. The Haggard B #1 is the first of five wells Maverick has agreed to recomplete. Maverick will earn an undivided fifty percent working interest and be the operator of record for this well.
The Haggard B #1 is reported to be currently delivering approximately 180 thousand cubic feet of gas with 2 barrels of condensate a day. Maverick estimates, with the current rework plan, to double the existing production. Maverick's technical team will oversee the recompletion process.
James McCabe, President and CEO of Maverick Energy Group, Ltd commented, "Assuming the successful rework of the Haggard B #1, Maverick expects to add meaningful cash flow for the company and begin a continuous development program."
About Maverick Energy Group
Maverick Energy Group LTD is a crude oil and natural gas acquisition, production, exploration, and horizontal drilling development company focusing on select areas of North America. Maverick believes that its license to patented and proprietary horizontal production enhancement technologies facilitate the rapid accumulation of valuable oil and gas assets, while at the same time greatly improving the rate of production and lifetime potentialof these properties.
Company Website: www.maverickeg.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, butare not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meetthem, government agency rules and changes, and variousother factors beyond the Company's control.
CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
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FAQ
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