Maverick Energy Group, LTD Announces Acquisition of Van Zandt County, Texas Lease: 8/26/2021

Rhea-AI Summary

Maverick Energy Group (OTCMKTS:MKGP) announced the acquisition of a 25% Working Interest in the 480-acre Ben Hearne Lease in Van Zandt, Texas. The lease includes the Ben Hearne #1 well, which has previously produced 2.72 billion cubic feet of gas and 16,888 barrels of oil. Maverick plans to begin recompletion operations within the next few weeks, with initial production expected in 30 days. The well's untapped potential following fracking and existing productive zones present possible future revenue growth.

Positive

• Acquisition of 25% Working Interest in a productive well.
• Potential for increased production rates post-recompletion.
• Well has not been fracked, indicating further upside.
• New productive zones identified for future exploitation.

Negative

• None.

ST AUGUSTINE, FL / ACCESSWIRE / August 26, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas exploration company, announced today that Maverick/USR has purchase a 25% Working Interest in the 480-acre Ben Hearne Lease in Van Zandt, Texas.

Included in the lease purchase is the Ben Hearne #1 well that has produced to date 2.72 billion cubic feet of gas and 16,888 barrels of oil. The well was shut in 2019 while making an average of 170 thousand cubic feet of gas per day and 1.5 barrels of oil per day. Maverick's engineer, Jason Lacewell, believes by making some basic changes to the wells production equipment the well has the potential to produce substantially greater rates than when it was shut in.

Further attractive upside to the Ben Hearne #1 is that the well has never been fracked. Once the well has been returned to production, Maverick will decide whether fracking the well is appropriate to increase productive rates. In addition, Maverick's engineer has identified good potentially productive zones both above and below the current producing zone that will be exploited later.

Maverick expects to begin recompletion operations on the Ben Hearne #1 within the next couple of weeks, with first production expected within the next 30 days.

"Following Maverick's business model of acquiring and developing low-cost reserves, Maverick expects to continue adding quality oil and gas producing assets like the Ben Hearne #1", said James McCabe, CEO of Maverick Energy Group, Ltd.

About Maverick EnergyGroup

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 access to patented and proprietary horizontal production enhancement technologies facilitates 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.

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 productmix, 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/661540/Maverick-Energy-Group-LTD-Announces-Acquisition-of-Van-Zandt-County-Texas-Lease-8262021

FAQ

What is the significance of Maverick Energy's acquisition of the Van Zandt County lease?

The acquisition provides Maverick Energy with a 25% Working Interest in a well that has historically produced significant gas and oil, enhancing their asset portfolio.

When does Maverick Energy expect to resume production from the Ben Hearne #1 well?

Maverick Energy expects to begin production within 30 days after commencing recompletion operations.

What are the expected benefits of fracking the Ben Hearne #1 well?

Fracking could significantly enhance the production rates of the well, which has never been fracked since its initial operation.

How much gas and oil has the Ben Hearne #1 well produced in the past?

The well has produced 2.72 billion cubic feet of gas and 16,888 barrels of oil to date.

What is Maverick Energy's business strategy following this acquisition?

Maverick Energy aims to continue acquiring and developing low-cost reserves to expand their production capabilities.