Maverick Energy Group, Ltd. and Willcox International Holdings, Inc. Form Joint Venture for Lithium Extraction from Saltwater Brine in Oil Production

Rhea-AI Summary

Maverick Energy Group, Ltd. (MKGP) forms a Joint Venture with Willcox International Holdings, Inc. to extract Lithium from saltwater brine in oil production. The partnership aims to test oil field brines in high lithium concentration areas in the Smackover Formation, Texas, and Oklahoma panhandle. Willcox will use Direct Lithium Extraction Technologies to produce battery grade lithium. The venture is supported by 'The Inflation Reduction Act' and has attracted interest from large oil companies like Exxon (XOM) for domestic lithium production.

Positive

• Partnership with Willcox International Holdings, Inc. to exploit lithium extraction opportunities
• Testing of oil field brines in high lithium concentration areas
• Use of environmentally friendly Direct Lithium Extraction Technologies
• Support from 'The Inflation Reduction Act' and interest from large oil companies for domestic lithium production

Negative

• None.

ST. AUGUSTINE, FL / ACCESSWIRE / November 30, 2023 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is excited to announced the formation of a Joint Venture with Willcox International Holdings, Inc. to exploit opportunities to extract Lithium from saltwater brine in oil production. Willcox through its partnership with NeoLithica LTD, which maintains operations in Alberta, Canada, will use its Direct Lithium Extraction Technologies to extract lithium from brine.

In their efforts to expand their Lithium Projects beyond Canada, Willcox will begin testing oil field brines made available by Maverick in several potentially high lithium concentration areas. Located primarily in the Smackover Formation, as well as the Texas and Oklahoma panhandle, the geographic regions of Maverick's holdings are known for containing high, commercially viable concentrations of Lithium. Wilcox will be using the environmentally friendly direct lithium extraction method (DLE) to produce lithium and then refine the product into battery grade lithium carbonite.

The current environment for permitting and funding for lithium mining were greatly improved with the passing of "The Inflation Reduction Act" and it has heightened interest from large oil companies, such as Exxon (NYSE: XOM) and their recently announced Southern Arkansas lithium project. The Act's focus with lithium is to increase the domestic production of lithium and make batteries with generous tax credits and other incentives.

Saeb Jannoun, CEO of Willcox, stated "we believe this venture between Willcox and Maverick will prove to be very lucrative for both of our companies. The field which we will be testing has been proven to contain high concentrations of lithium and we hope to begin production in the coming months. The Company's plan to start testing brine samples over the next few weeks."

"This partnership with Willcox, will task Maverick to find and evaluate both oil and gas properties for acquisition and saltwater sources that contain acceptable levels of lithium to be acquired and developed by the Joint Venture. With Willcox's technical expertise and financial resources and Maverick's industry knowledge and relationships both companies should see a rapid increase in profitability and cash flow.," said James McCabe CEO Maverick.

About Willcox International Holdings Inc. (WINH)

WINH, has been focused on the green energy sector and the development of renewable energy resources. In addition to the company's efforts in Canada, the company has been in talks to develop lithium extraction projects as well as battery production technology in the United States and Middle East North Africa countries (MENA). WINH has had several on the ground meeting in these countries over the past year and intends to establish a permanent presence in the Arabian Gulf. The renewable energy sector has rapidly gained traction and momentum in these countries as the global focus has shifted to Electric Vehicles (EV) rather than carbon consuming transportation.

About Maverick Energy Group, Ltd. (MKGP)

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 potential of these properties.

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, but are 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 meet them, government agency rules and changes, and various other factors beyond the Company's control.

CONTACT:

Maverick Energy Group, Ltd.
investors@maverickeg.com

SOURCE: Maverick Energy Group, Ltd.

View source version on accesswire.com:
https://www.accesswire.com/811437/maverick-energy-group-ltd-and-willcox-international-holdings-inc-form-joint-venture-for-lithium-extraction-from-saltwater-brine-in-oil-production

FAQ

What is the purpose of Maverick Energy Group, Ltd.'s Joint Venture with Willcox International Holdings, Inc.?

The purpose is to extract lithium from saltwater brine in oil production and test oil field brines in high lithium concentration areas.

What technology will Willcox International Holdings, Inc. use for lithium extraction?

Willcox will use Direct Lithium Extraction Technologies.

What geographic regions are targeted for testing oil field brines?

The Smackover Formation, Texas, and Oklahoma panhandle are the targeted regions.

What support has the venture received from 'The Inflation Reduction Act'?

The Act has improved the environment for permitting and funding for lithium mining and has attracted interest from large oil companies for domestic lithium production.

Who is the CEO of Willcox International Holdings, Inc.?

The CEO of Willcox is Saeb Jannoun.

What is the role of Maverick Energy Group, Ltd. in the Joint Venture?

Maverick will task to find and evaluate oil and gas properties for acquisition and saltwater sources containing acceptable levels of lithium to be acquired and developed by the Joint Venture.