Maverick Energy Group, LTD Announces Commencement of Operations of Van Zandt County, Texas Lease: 9/21/2021

Rhea-AI Summary

Maverick Energy Group (OTC PINK:MKGP) has commenced operations on a 25% interest in the 480-acre Ben Hearne Lease in Van Zandt, Texas. The company's petroleum engineer, Jason Lacewell, has initiated site work for the Ben Hearne #1 well and anticipates a workover rig on location within five to seven days. Following workover procedures expected to last about seven days, natural gas production is anticipated to start immediately. Additionally, operations are set to resume on the Bonnie Davis #1 well in Jones County, Texas, pending rig availability.

Positive

• Commencement of operations on Ben Hearne Lease signifies active development.
• Expectation of immediate natural gas production post workover procedure.
• Planned activities on Bonnie Davis #1 well indicate ongoing operational momentum.

Negative

• None.

ST AUGUSTINE, FL / ACCESSWIRE / September 21, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTC PINK:MKGP) ("Maverick"), an independent oil and gas exploration company, announced today that Maverick has commenced operations on its 25% ownership Interest in the 480-acre Ben Hearne Lease in Van Zandt, Texas.

Maverick's petroleum engineer, Jason Lacewell, has begun site work on the Ben Hearne #1 well in preparation for moving a workover rig on location. Depending on continued rig availability, Maverick expects a rig should be on location in the next five to seven days. Once a rig is on location, Maverick expects workover procedures to take approximately seven days. When workover procedures are complete, Maverick expects production, which will be mostly natural gas, to begin immediately.

Further activity is expected on Maverick's Bonnie Davis #1 well in Jones County, Texas. For the past couple of weeks Maverick has been waiting on rig availability to finalize completion operations. It is expected that a rig will be available within the week and allow Maverick to finalize the last stages of initial recompletion.

"Following Maverick's business model of acquiring and developing low-cost reserves, Maverick expects to continue bringing quality oil and gas assets into production", 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 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/665024/Maverick-Energy-Group-LTD-Announces-Commencement-of-Operations-of-Van-Zandt-County-Texas-Lease-9212021

FAQ

What recent operations has Maverick Energy Group (MKGP) initiated?

Maverick Energy Group has started operations on its 25% interest in the Ben Hearne Lease in Van Zandt, Texas.

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

Production from the Ben Hearne #1 well is expected to begin immediately after the completion of workover procedures, which should take about seven days.

What is the status of the Bonnie Davis #1 well operations?

Maverick Energy is waiting on rig availability to finalize completion operations on the Bonnie Davis #1 well.