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Maverick Energy Group, Ltd. (MKGP: OTC Link) | Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project
Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project
Aug 29, 2011
OTC Disclosure News Service
Tulsa, OK –
Aug 29, 2011
OTC Disclosure News Service
Tulsa, OK – Maverick Energy Group, Ltd. Announces Drilling of Third Well in Larremore Project
According to Maverick Energy Group, LTD CEO James McCabe, “Maverick is currently drilling the third producing well, after successfully drilling the first two of four producing wells in the Larremore Field, in which Maverick has retained 25% of the Working Interest in the current five-well program. After drilling and completing the saltwater disposal well and the
fourth producing well, we plan to assemble the oil flow lines and other production facilities to test the productivity of the first well,” says McCabe. “Based upon these results, we will drill the final well and complete the remaining three wells. The first two producing wells exceeded our expectations in regard to size and quality of the reservoir, and ourlog results indicate that these wells also should exceed our expectations in oil production,” stated McCabe. “Upon the
successful completion of the first four producing wells in this project, Maverick will continue development of an additional 21 prospective well sites in the Larremore Field.”
Over the past twelve months, Maverick Energy Group, LTD has leased the acreage in the Larremore Field in Caldwell County, Texas that includes oil wells in a proven productive field in which several wells were previously drilled by some of the major oil companies. The current Larremore Project is a 700 acre lease, in which we are currently drilling four producing wells and one salt water disposal well. The target zone is the Edwards Limestone Zone at a depth of 1,250 feet. The first well drilled in 1928 tested at over 400 barrels of production per day (BOPD) and has produced in excess of 100,000 barrels since inception.
In 1994, Meridian Oil drilled a horizontal well which produced in excess of 175,000 barrels, with the majority of that oil being produced in the first six years, and is still producing about 20 BOPD. Based upon engineering reports generated over the years, it is estimated that the proposed wells will have between 40,000 and 50,000 barrels of reserves per well. Based
upon the four well projection and the assumption that the wells begin producing at 50 barrels of oil per day, such wells will provide a projected payback period of six months at the current price of oil. It is expected that the wells will continue to provide an income stream for the next fifteen to twenty years.
Maverick Energy Group, LTD is over halfway through the funding stage of the current Larremore Project at this time. There are approximately 20-25 total sites to drill on this acreage. The project is located in Caldwell County, Texas, 90 miles northeast of the Big Foot Field and 25 miles southeast of Austin.
About Maverick Energy Group, LTD
Maverick Energy Group LTD, based in Tulsa, OK, is engaged in the domestic exploration and production of crude oil and natural gas. Its management team has over 150 combined years of experience in the oil gas and financial services industries. Maverick Energy is the Operator of the “Big Foot Field” in Texas, which was originally developed by Royal Dutch Shell (RDS-A). The Big Foot Field has approximately 310 production wells in the field, of which approximately 250 are presently revenue producing. Maverick is also the part owner of several producing natural gas wells in West Virginia. For more information on Maverick Energy, please visit the company’s website at: www.maverickenergygroup.com or www.pinksheets.com.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil gas market; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Vice President of Investor Relations / Marketing
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Article source: http://www.otcmarkets.com/stock/MKGP/news?id=34907