Maverick Energy Group, LTD Reaches Milestone with Acquisition of 167 Acre Texas Lease: 6/21/2021
Maverick Energy Group, Ltd. (OTC PINK:MKGP) has completed an all-cash acquisition of the 167-acre Davis Lease in Jones County, Texas, which includes the Bonnie Davis #1 well. This well has been drilled to a depth of 3,150 feet and has three identified potentially productive zones. Maverick plans to start operations in the coming days, anticipating significant revenue growth in the third quarter. The acquisition aligns with Maverick's strategy of enhancing its oil and gas asset portfolio using advanced drilling technologies.
- Acquisition of 167-acre Davis Lease enhances asset portfolio.
- Three potentially productive zones identified in Bonnie Davis #1 well.
- Expectations of significant revenue growth in Q3.
- None.
ST AUGUSTINE, FL / ACCESSWIRE / June 21, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTC PINK:MKGP) ("Maverick") an independent oil and gas exploration company, announced today that Maverick has acquired the 167-acre Davis Lease in Jones County, Texas. The all-cash acquisition includes the Bonnie Davis #1 well which was recently drilled, logged, and cased to a depth of 3,150 feet. Maverick's Petroleum Engineer, Jason Lacewell, has identified three potentially commercially productive zones in the Bonnie Davis #1 Well. Maverick anticipates commencing operations to complete the Bonnie Davis #1 well in the first of the three targeted zones in the coming days.
With the leadership of our engineer, Jason Lacewell, Maverick is building an impressive inventory of quality oil and gas prospects that are in line with Maverick's business model of developing proved resources with conventional vertical wells and using Maverick's USR Resources License for Ultra Short Radius Horizontal Drilling. "With that in mind and all previous corporate actions taken over the past 18 months have led us to this transformative moment in our Company's history," commented James McCabe. He continued, "with the 3rd quarter just around the corner, we believe it is positioning to be our breakout quarter, with revenue and expanding drilling operations."
Maverick will update shareholders with the progress of the Bonnie Davis #1 well and several other drilling opportunities being currently finalized. In addition, as each well comes into production and stabilized Maverick will publish production rates for shareholder evaluation.
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.
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FAQ
What is the significance of Maverick Energy's recent acquisition of the 167-acre Davis Lease?
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