Maverick Signs Agreement to Complete and Recomplete Five Wells in Cass and Marion County, Texas

Rhea-AI Summary

Maverick Energy Group (OTC PINK:MKGP) has signed an agreement to complete and recomplete five wells in Cass and Marion County, Texas. Maverick will bear the costs and gain a 50% interest in three producing wells and a 70% interest in uncompleted wells. Initial production from the first two wells is around 180,000 cubic feet of gas and 10 barrels of condensate daily, with potential increases to 700,000 cubic feet and 50 barrels respectively. Maverick expects to commence work immediately, aiming to enhance production significantly from the Cotton Valley Formation.

Positive

• Signing an agreement to complete and recomplete five wells enhances production capacity.
• Maverick will receive a 50% interest in producing wells and a 70% interest in DUCs.
• Initial production shows promising numbers with potential for substantial increases.

Negative

• None.

ST AUGUSTINE, FL / ACCESSWIRE / April 28, 2022 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce the signing of an agreement to Complete and Recomplete Five (5) Wells located in Cass and Marion County, Texas.

Basic terms of the Agreement are that Maverick will pay for 100% of the Completion and Recompletion of each of the five designated wells and receive a 50% interest in three of the currently producing wells and a 70% interest in the wells with uncompleted producing zones (DUC's). All five wells produce from the prolific Cotton Valley Formation at approximately 9,000 feet deep.

The first two wells to be recompleted are currently producing approximately 180,000 cubic feet of gas and 10 barrels of condensate per day. Maverick believes that with some routine downhole remediation production from these first two wells could increase to approximately 700,000 cubic feet of gas and 50 barrels of condensate (oil) per day.

The third well is a horizontal well currently producing a small amount of gas and condensate. Maverick believes that with a simple "clean out", production will increase to over 300,000 cubic feet of gas and 25 barrels of condensate per day. Maverick will perform the "clean out" in conjunction with Maverick's licensor, USR Drilling of Houston, Texas.

The fourth and fifth wells will be the completion of Cotton Valley Zones that were drilled, cased, and logged but never produced. Maverick believes upon completion production could achieve rates of over 1 million cubic feet of gas and 100 barrels of condensate per day from each well.

Maverick will be the operator of each well with the current owners engaged as contract operators for day-to-day activities. Maverick expects work on these wells to commence immediately.

James McCabe, President and CEO of Maverick Energy Group, Ltd. commented; "This is a landmark Agreement at Maverick's current stage of development. The Agreement provides for current production and cash flow, existing high value wells to develop, room for further development, and an excellent technical team."

J. David LaPrade, Chief Operating Officer of Maverick Energy Group, Ltd. also commented; "I believe the acquisition of Maverick's East Texas Cotton Valley wells is a game changer. The Cotton Valley reservoirs are not only prolific producers but are ideally suited for Maverick's USR horizontal drilling technology."

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 license 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 Maverick Energy Group's agreement regarding the MKGP stock?

Maverick Energy Group has signed an agreement to complete and recomplete five wells in Texas, enhancing their production capabilities.

What is the expected production increase from the wells in Cass and Marion County?

Initial production from two wells is expected to increase from 180,000 cubic feet of gas and 10 barrels of condensate to approximately 700,000 cubic feet and 50 barrels.

What interests will Maverick Energy acquire from the agreement?

Maverick will gain a 50% interest in three producing wells and a 70% interest in the five wells with uncompleted producing zones.

When is Maverick Energy expected to commence work on the wells?

Maverick Energy expects to start work on the wells immediately.