Maverick Energy Group, Ltd. Operational Report December 30, 2021
Maverick Energy Group (OTCMKTS:MKGP) continues developing its oil and gas wells in Van Zandt County, Texas, as announced by CEO James McCabe. The Hearne #1 well is currently producing approximately 2.5 barrels of oil per day while awaiting a gas line hookup. The Edwards #1 well is underway with surface equipment installation. The Drabeck #1 produces between 2.5 and 5 barrels of oil daily, with plans for an upper zone completion. The Bonnie Davis #1 well is shut in for potential increased production.
- Hearne #1 well produces 2.5 barrels of oil per day as prep for natural gas production.
- Continued work on Edwards #1 well includes surface equipment installation.
- Drabeck #1 well produces between 2.5 and 5 barrels of oil daily, with plans for upper zone completion.
- Bonnie Davis #1 shut in for anticipated increased production from upper zone.
- Pending gas line hookups may delay full production capabilities.
- Uncertainty regarding the availability of rigs for upper zone completion.
ST AUGUSTINE, FL / ACCESSWIRE / December 30, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas company, announced today that work continues as previously reported on the Ben Hearne #1 and Edwards #1 wells in Van Zandt County, Texas.
The Hearne #1 has had a pump jack installed, electric lines installed and is awaiting gas line hookup. While awaiting gas line hookup, Maverick is producing the Hearne #1 at a rate of approximately 2.5 barrels of oil a day to remove fluid from the well in preparation of the well's primary production from natural gas. Work continues on the Edwards #1 well with instillation of surface equipment and electrical line installation, and it is also awaiting gas line hookup.
The Drabeck #1 continues to produce between 2.5 and 5 barrels of oil a day. As previously reported, Maverick first produced this zone the former operator perforated but did not produce. Now that we have tested the original zone and installed all surface production equipment, Maverick will complete an upper zone as soon as a rig becomes available.
The Bonnie Davis #1, which was Maverick's first well to recomplete in 2021, tested at a rate of approximately 5 barrels of oil per day. Our engineer believes that an upper zone is capable of increasing production and Maverick has shut in the Bonnie Davis #1 awaiting completion of this upper zone.
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.
CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
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FAQ
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