Maverick Energy Group, Ltd. Makes Core Property Acquisition February 1, 2022

Rhea-AI Summary

Maverick Energy Group (OTCMKTS:MKGP) announced a significant acquisition in the Permian Basin of West Texas, comprising over 16,360 acres and 233 shut-in wells. The company paid 23 million restricted shares for the assets, which previously produced 310 barrels of oil and 137,000 cubic feet of gas per day. Maverick anticipates potential significant production increases by bringing these shut-in wells back online, exploring undeveloped locations, and expanding operations in the area.

Positive

• Acquisition of 16,360 acres with 233 shut-in wells could lead to significant oil production.
• Previous production figures indicate strong potential with 310 barrels of oil and 137,000 cubic feet of gas per day.
• Possibility to exploit behind-pipe zones and multiple undeveloped drilling locations.

Negative

• Acquisition was made through issuance of 23 million restricted shares, which could dilute existing shareholders.
• Shut-in wells present uncertainties regarding the timeline and costs associated with returning them to production.

ST AUGUSTINE, FL / ACCESSWIRE / February 1, 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 made a core property acquisition in the Permian Basin of West Texas.

The assets that were acquired by Maverick consist of a 100% working interest in over 16,360 acres (10,000 acres being contiguous), 233 shut-in wells, a profitable, active commercial saltwater disposal and freshwater sales facility, an office in downtown Midland and additional support facilities. Prior to the wells being shut-in, seller's records show production of 310 barrels of oil per day and 137,000 cubic feet of gas a day. In addition, records of the seller show a multi-day well test of a recently completed deeper well flowing at more than 300 barrels of oil per day prior to shutting in the field.

Maverick paid the seller 23 million restricted shares of its common stock. Maverick believes that this purchase has the potential of significant production of oil based upon the shut-in wells being returned to production, the large inventory of proved but undeveloped locations to drill, behind pipe zones to exploit, deep zones of interest and opportunities to expand operations from this core area.

About Maverick Energy Group

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/686639/Maverick-Energy-Group-Ltd-Makes-Core-Property-Acquisition-February-1-2022

FAQ

What did Maverick Energy Group acquire on February 1, 2022?

Maverick Energy Group acquired over 16,360 acres of property and 233 shut-in wells in the Permian Basin.

How much did Maverick pay for the acquisition?

Maverick paid 23 million restricted shares of its common stock for the acquisition.

What are the production capabilities of the acquired assets?

The acquired assets previously showed a production capability of 310 barrels of oil and 137,000 cubic feet of gas per day.

What is the significance of the acquisition for MKGP shareholders?

The acquisition could significantly increase production and revenue potential for MKGP shareholders but may also dilute existing shares.