Maverick Signs Binding Agreement to Acquire 100% of Pass Creek Resources, LLC Including 100% Working Interest in the Adena Oil and Gas Field in Morgan County, Colorado

Rhea-AI Summary

Maverick Energy Group, Ltd. (OTC PINK: MKGP) has completed the acquisition of Pass Creek Resources, LLC for 60 million restricted shares. Pass Creek owns a 100% working interest and a 77.5% net revenue interest in the Adena Oil and Gas Field in Colorado, one of the state's largest oil fields. The field has produced 74 million barrels of oil and 127 billion cubic feet of gas. It is estimated to hold 20 to 50 million barrels of recoverable oil, generating approximately $100,000 in monthly revenue. This acquisition marks Maverick's first producing property, expected to enhance cash flow and growth potential.

Positive

• Acquisition of Pass Creek Resources enhances cash flow with immediate revenue generation.
• Access to the Adena Oil and Gas Field, estimated to contain 20 to 50 million barrels of recoverable oil.
• Maverick's first producing property acquisition represents a strategic growth opportunity.

Negative

• The transaction involves issuance of 60 million restricted shares, which may lead to shareholder dilution.
• Dependence on the successful evaluation and development of the Adena Field presents operational risks.

ST. AUGUSTINE, FL / ACCESSWIRE / December 6, 2022 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce Maverick Energy Group, Ltd. and Pass Creek Resources, LLC completed a transaction whereby Maverick will acquire 100% of the units of Pass Creek Resources, LLC. Pass Creek Resources, LLC owns a 100% working interest and a 77.5% net revenue Interest in the Adena Oil and Gas Field located in Morgan County, Colorado for a payment of 60 million restricted shares of Maverick common stock.

The Adena Field was discovered in 1953 by Unocal and is 3rd largest oil field in the state of Colorado. It has produced 74 MMBO and 127BCF of gas since discovery. The Adena Field consists of 14,000 acres and Pass Creek Resources, LLC estimates the field contains 20 to 50 million barrels of remaining recoverable oil reserves in place and currently produces approximately $100,000 of oil and gas revenue per month. Maverick and USR will jointly evaluate and develop the Adena Field.

James McCabe, CEO Maverick Energy Group, Ltd., commented, "This is Maverick's first producing property acquisition that brings immediate cash flow to the company while providing what we believe is significant upside growth potential."

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 potentialof 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, butare 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 meetthem, government agency rules and changes, and variousother 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/730475/Maverick-Signs-Binding-Agreement-to-Acquire-100-of-Pass-Creek-Resources-LLC-Including-100-Working-Interest-in-the-Adena-Oil-and-Gas-Field-in-Morgan-County-Colorado

FAQ

What is the significance of Maverick Energy's acquisition of Pass Creek Resources?

The acquisition allows Maverick Energy to gain immediate cash flow from the Adena Oil and Gas Field, enhancing its asset portfolio.

How many shares did Maverick Energy issue for the acquisition of Pass Creek Resources?

Maverick Energy issued 60 million restricted shares to acquire Pass Creek Resources.

What is the estimated production capacity of the Adena Oil and Gas Field?

The Adena Oil and Gas Field is estimated to contain 20 to 50 million barrels of recoverable oil reserves.

What are the potential risks associated with the acquisition of Pass Creek Resources?

Potential risks include operational challenges in developing the Adena Field and the possibility of shareholder dilution due to the issuance of new shares.