406 S. Boulder
Tulsa, OK, 74103
Big Foot Field
Texas has enjoyed fame around the globe for its oil production since the turn of the 20th century--January 10, 1901--when the Lucas No. 1 well spewed higher than a hundred feet into Spindletop's big sky outside Beaumont. This gusher brought the Texas agricultural era into the industrial age, with railroads that meant prosperity for oilmen, as well as farmers and ranchers. Land leases built personal wealth, the local petroleum industry founded many Texas towns, and productive oil fields built oil companies, some of which exist today as multinational conglomerates.
Recent economics have made drilling for oil an increasingly viable activity for Maverick. A few years ago, Maverick possessed the vision to position itself to take advantage of this revenue-rich venture. Today, our well deepenings and workovers, and the resulting oil production, are progressively more economic.
Maverick 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 225 are presently revenue producing. Drilling operations in the Big Foot Field are being funded through a $40,000,000 Advancing Credit Facility which Z2, LLC closed with Gasrock Capital, LLC in August of 2006, amended to $75,000,000 in November of 2007.
New Field Development
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.
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