Maverick Energy Group, Ltd. Opens Midland, Texas Office February 10, 2022

Rhea-AI Summary

Maverick Energy Group (OTCMKTS:MKGP) has announced the opening of a new office in Midland, Texas, following its acquisition of Hard Rock O&G assets in the Permian Basin. The office will operate as the center for operations in this key area. Maverick's recent acquisition includes over 16,360 acres, 233 shut-in wells, and a profitable saltwater disposal facility. The company aims to restore production from the shut-in wells and explore further drilling opportunities. This strategic move could significantly enhance its oil production capabilities.

Positive

• Opening of an operations center in Midland, Texas.
• Acquisition of 16,360 acres and 233 shut-in wells, positioning for increased production.
• Established a profitable saltwater disposal and freshwater sales facility.

Negative

• None.

ST AUGUSTINE, FL / ACCESSWIRE / February 10, 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 opened an office in Midland, Texas.

In conjunction with Maverick's purchase of certain Hard Rock O&G assets in the Permian Basin, (See previous press release reprinted below), Maverick is pleased to announce the opening of its office in Midland, Texas. Maverick's office is in the Hard Rock O&G building located at 4310 South Highway 349 Midland, Texas 79706. This office will serve as the operations center for Maverick's core areas in the Permian Basin. The previous news release of the Hard Rock acquisition follows in quotes.

"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/688302/Maverick-Energy-Group-Ltd-Opens-Midland-Texas-Office-February-10-2022

FAQ

What assets did Maverick Energy Group acquire in the Permian Basin?

Maverick Energy Group acquired a 100% working interest in over 16,360 acres and 233 shut-in wells.

What is the location of Maverick Energy's new office?

Maverick Energy's new office is located in Midland, Texas.

How many barrels of oil were produced before the wells were shut-in?

Before being shut-in, the wells produced approximately 310 barrels of oil per day.

How many shares did Maverick Energy issue for the acquisition?

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

What is the potential production from the shut-in wells?

Maverick Energy believes the shut-in wells have significant production potential when brought back online.