Maverick Energy Group, Ltd. Announces Work Commenced on Bonnie Davis #1

Rhea-AI Summary

Maverick has acquired funds to recomplete the Bonnie Davis #1 well in Jones County, Texas. The well has been reevaluated by the geologist, and work is underway to recomplete the Penn Lime at 2,960-2,968. The well was drilled by Royal Texan Resources in 2017. The PR includes details about the geological work, the mud log shows, and the initial production rates of three offset wells. It also covers the testing of the Breckinridge and Hope Limes by Trenergy, the operator, and Maverick's 50% partner.

ST. AUGUSTINE, FL / ACCESSWIRE / December 6, 2023 / Maverick has acquired funds as previously announced to recomplete the Bonnie Davis #1 well in Jones County, Texas. The well has been reevaluated by our geologist and a summary of the geological work is included in this report. After certain surface work is completed, Maverick will attempt to recomplete the Penn Lime at 2,960-2,968 and expect results similar to the three offset wells described in this report. Work has commenced on the surface work and the recompletion work will begin when completed.

Royal Texan Resources drilled Bonnie Davis #1 (42-253-35492) April 22, 2017 to 3185'.

*The top of the Penn Lime (Canyon) zone at 2960 had excellent oil and gas mud log shows, and the GR-DIL, Density-Neutron and microlog indicated pay. The mud log shows that the maximum drill break is at 2962 and e-logs showed best porosity and Sw at 2966-70.

*A second zone occurs at 2974-82, and whereas it has a drilling break, good SP, and excellent porosity (19%) from the density log, the drop off in resistivity suggests a mixed oil and gas reservoir. It has no mud log show. If a completion is in contact with this zone it may produce water.

*A third Zone at 2990-3000 is very porous (22%), excellent SP (relative permeability), but resistivity is less than 1 ohm-meter, and if a completion is in contact with this zone, it will produce water. It also has no mud log show.

Three other Penn Lime producers shown on the map below had impressive initial production rates of 55, 115 and 137 Bopd…none of the 3 wells initially produced water. Bonnie Davis #1 was perforated 2960-68 and was acidized (unknown volume, but likely 250 gal 15% HCl as in the other 3 wells). The next day, the operator immediately set CIBP at 2400'. It is assumed the zone was abandoned because it produced water, the speculation that the acid broke through to one or both of the high porosity, low resistivity zones beneath the top of the Penn Lime. Comments by the Trenergy engineer have been made that the bond logs over different zones "are not good".

When or if the decision to recomplete this zone after drilling out the plug at 2883, the top zone from 2960-2970 must be cement-squeezed before the zone is reperforated and acidized.

Royal Texan Res, Davis #1, 42-253-35492

Mud log shows were encountered an e-logs indicated pay in the Breckinridge at 2200-2206, 2207-2211, and 2218-2222. Royal Texan may not have tested this zone.

Two days later, Royal Texan tested the Hope Lime at 2102-2108. The Hope lime produced a few barrels of oil, and operations were suspended. It is possible the Breckinridge Lime at 2208-2215 but no record exists.

In August 4-6, 2021, Trenergy became operator (with Maverick Energy Group 50% partner) and tested the Breckinridge and Hope Limes for 3 days. Prior to testing these zones a plug or bridge plug was tagged at 2883', although Royal Texan reported setting a CIBP at 2400' following the initial test of the Penn Lime.

1. The Breckinridge Lime was tested without stimulation at 2208-15 and swabbed slight oil and hydrocarbon gas. It is recommended this zone be retested, with perforations extended from 2200-05, 2207-11 and 2218-22, followed by acid stimulation recommended by Trenergy.
2. The Hope Lime was tested 2102-2108 and stimulated with 1250-1500 gal. gelled acid at 225-250 gal. per foot. A small amount of oil and gas was recovered during swab runs. It is recommended that the Hope Lime be reperforated 2100-04, 2107-10 and 2118-22 and acid stimulated as recommended by Trenergy.

Bonnie Davis #1, 42-253-35492

Bonnie Davis #1, 42-253-35492

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.

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FAQ

What is the purpose of Maverick's acquisition of funds?

Maverick has acquired funds to recomplete the Bonnie Davis #1 well in Jones County, Texas.

Who drilled the Bonnie Davis #1 well, and when was it drilled?

The Bonnie Davis #1 well was drilled by Royal Texan Resources on April 22, 2017.

What are the details included in the PR?

The PR includes details about the geological work, mud log shows, and the initial production rates of three offset wells. It also covers the testing of the Breckinridge and Hope Limes by Trenergy, the operator, and Maverick's 50% partner.

What work is underway in the Penn Lime zone?

Work is underway to recomplete the Penn Lime at 2,960-2,968.

Who is the operator of the Bonnie Davis #1 well?

Trenergy became the operator of the Bonnie Davis #1 well in August 2021, with Maverick Energy Group as a 50% partner.