Maverick Energy Group, Ltd. Operations Report January 27, 2022

Rhea-AI Summary

Maverick Energy Group (OTCMKTS:MKGP) announced the completion of the Ben Hearne #1 well in Texas, which is connected to the sales line and ready for gas delivery. Gas sales will commence once XTO, the gas purchaser, resumes operations. Previously, the well produced 200,000 cubic feet of gas and 3 barrels of oil per day. The company anticipates achieving similar production levels post-rework. Maverick focuses on crude oil and natural gas acquisition and development, leveraging proprietary enhancement technologies.

Positive

• Completion of the Ben Hearne #1 well enhances production capacity.
• Gas will be sold to XTO, creating a new revenue stream.
• Historical production levels indicate potential for significant output.

Negative

• Gas sales are currently on hold due to XTO's operational delays.
• Production is contingent on third-party actions, which may introduce risks.

ST AUGUSTINE, FL / ACCESSWIRE / January 27, 2022 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas company, announced today that work has been completed on the Ben Hearne #1 well in Van Zandt County, Texas.

The Hearne #1 well has now been hooked into the sales line ready to deliver gas. Gas will be sold to XTO and transported through XTO's gathering system to Atmos main transportation line. The XTO gathering system is currently shut in while XTO completes their refrigeration plant to strip liquids from the natural gas before sales to Atmos. Once XTO resumes gas sales to Atmos, Maverick will be able to begin gas sales.

When the previous operator shut in the Hearne #1 well, production was reported to be 200,000 cubic feet of gas a day and 3 barrels of oil per day. Now that Maverick and partners have reworked the well, expectations are that similar production levels can be achieved.

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.

CONTACT:

Maverick Energy Group, Ltd.
investors@maverickeg.com

SOURCE: Maverick Energy Group, Ltd.

View source version on accesswire.com:
https://www.accesswire.com/685936/Maverick-Energy-Group-Ltd-Operations-Report-January-27-2022

FAQ

What are the production levels expected from the Ben Hearne #1 well by Maverick Energy Group?

Maverick expects to achieve similar production levels as before, which were 200,000 cubic feet of gas and 3 barrels of oil per day.

Who is purchasing the gas from Maverick Energy Group?

The gas from Maverick Energy Group will be sold to XTO.

When will gas sales from the Ben Hearne #1 well start?

Gas sales will commence once XTO resumes operations, which are currently on hold due to delays.

What is the stock symbol for Maverick Energy Group?

The stock symbol for Maverick Energy Group is MKGP.