Maverick Energy Group Ltd. Announces Initial Inspection Results of Permian Basin Assets
Maverick Energy Group (OTCMKTS:MKGP) announced the successful completion of an onsite review of its Permian Basin assets from February 24-26, 2022. The inspection revealed that the production facilities in Glasscock and Howard Counties, Texas, are in good condition, with most wells ready for production. Additionally, Maverick's Pecos County leasehold displays strong well pressure. The company is also considering adding personnel for administrative operations. Furthermore, a saltwater disposal facility was found to be in excellent condition, capable of handling 10,000 barrels per day.
- Inspection results indicate production facilities are in good condition, ready to produce oil.
- Maverick owns 100% working interest in all inspected properties, providing significant control.
- The saltwater disposal facility has a high capacity of 10,000 barrels per day, presenting additional revenue opportunities.
- Well pressure at the Pecos County site appears strong, suggesting potential for robust production.
- None.
ST AUGUSTINE, FL / ACCESSWIRE / March 2, 2022 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas company, announced today that Maverick has completed an additional onsite review of Maverick's Permian Basin assets on February 24-26, 2022.
Maverick inspected several of its fields located in Glasscock and Howard County Texas which comprise over 1,280 acres. The production facilities were found to be generally in good condition with electric power to most wells in place. Most of the producing wells appear to only need turning on to begin producing oil. Maverick has a 100 percent working interest ownership in the Glasscock and Howard County Texas leases.
The other Maverick leasehold inspected is in Pecos County, Texas with a combination of producing and injection wells comprising over 10,000 acres. Maverick owns one hundred percent of the working interest in this leasehold with full depth rights. These wells appear to have very good pressure at the wellhead. All production equipment is in place.
Maverick's offices are suitable for conducting day-to-day operations and were found to contain extensive and well-maintained files and records on all the wells and acquired assets. Maverick is considering adding personnel to oversee the day-to-day administrative operations in the Midland office.
A visit was made to Maverick's commercial saltwater disposal facility and found to be in excellent condition. The 10-acre site has a disposal capacity of 10,000 barrels per day and has two truck bays to receive water. All equipment is in place, including to recover "skim" oil from salt water before it is disposed. In addition, there is a fresh water well which can provide another source of revenue.
A meeting was held in USR's Houston office on Saturday February 26th with Maverick's COO David LaPrade. Extensive discussions were held on Mavericks Permian assets, to include returning all assets to a productive status, insuring all regulatory and title requirements are met, and identifying additional upside potential that can be developed. A member of USR's technical team will further evaluate Maverick's assets and recommend additional development efforts.
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, 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, all as set forth in the risk factors stated in Maverick's Regulation A offering statement on Form 1-A.
CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
View source version on accesswire.com:
https://www.accesswire.com/691268/Maverick-Energy-Group-Ltd-Announces-Initial-Inspection-Results-of-Permian-Basin-Assets
FAQ
What were the findings from Maverick Energy Group's inspection of its Permian Basin assets in February 2022?
What is the capacity of Maverick Energy Group's saltwater disposal facility?
How much land does Maverick Energy Group control in the Permian Basin?
What actions is Maverick Energy Group considering following the inspection results?
What percentage of working interest does Maverick Energy Group own in its leaseholds?
