Maverick Energy Group, LTD Thanksgiving Update: 11/23/2021

Rhea-AI Summary

Maverick Energy Group continues work on its Ben Hearne #1 and Edwards #1 wells in Van Zandt County, Texas, with depths of 9,540 and 9,573 feet respectively. Maverick holds a 25% working interest in both wells. Operations are set to complete in the next 30 days, leading to anticipated gas sales in early Q1 2022. According to CEO James McCabe, these developments align with the company's strategy of acquiring and developing low-cost reserves. This update highlights Maverick's ongoing commitment to enhancing production capabilities.

Positive

• Maverick holds a 25% working interest in both Ben Hearne #1 and Edwards #1 wells.
• Completion of recompletion operations expected within 30 days, leading to gas sales in early Q1 2022.
• Continuing to develop low-cost reserves aligns with Maverick's business model.

Negative

• None.

ST AUGUSTINE, FL / ACCESSWIRE / November 23, 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 work continues on Maverick's Ben Hearne #1 well at a depth of 9,540 feet on a 460-acre Lease and Maverick's Edwards #1 well at a depth of 9,573 feet on a 760-acre lease in Van Zandt County, Texas. Maverick has a 25% working interest in both wells.

Maverick's petroleum engineer, Jason Lacewell, who is leading the recompletion operations, expects to complete reequipping the wells with surface equipment, laying electric lines, and finalizing gas contracts all within the next thirty days. Once the recompletion operations are finalized Maverick expects first gas sales to begin early in the first quarter of 2022.

"Following Maverick's business model of acquiring and developing low-cost reserves, the Ben Hearne #1 and Edwards #1 wells are the second and third in a series of wells that Maverick expects to bring online in the fourth quarter of 2021 and first quarter of 2022," said James McCabe, President and CEO of Maverick Energy Group, Ltd.

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/674423/Maverick-Energy-Group-LTD-Thanksgiving-Update-11232021

FAQ

What wells is Maverick Energy Group currently developing as of November 2021?

Maverick Energy Group is developing the Ben Hearne #1 and Edwards #1 wells in Van Zandt County, Texas.

What is the current depth of Maverick's wells?

The Ben Hearne #1 well is at a depth of 9,540 feet, and the Edwards #1 well is at 9,573 feet.

When does Maverick Energy Group expect to begin gas sales from its new wells?

Maverick expects to begin gas sales from the new wells in early Q1 2022.

What percentage working interest does Maverick Energy hold in the new wells?

Maverick Energy holds a 25% working interest in both the Ben Hearne #1 and Edwards #1 wells.

What is Maverick Energy's business model?

Maverick Energy's business model focuses on acquiring and developing low-cost reserves.