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Company Website
http://www.maverickenergygroup.com/
Maverick Energy Group is a rapidly growing US independent oil and gas company currently positioned to benefit from the rise in both oil and natural gas prices.
Declining production and depletion of existing reserves within the United States is causing increased pressure on state and federal agencies to create incentives for oil and gas operators and the investment community. Such incentives will encourage operators to drill for new reserves and rework the hundreds of thousands of existing wells that are either temporarily abandoned or marginally productive. Through a combination of good management practices, conventional drilling programs, and equity and debt resources for acquisitions, Maverick Energy Group continues to provide smart investing in America's energy.
Management:
Maverick's management team has over 150 combined years of experience in the oil and gas and financial services industries. The founders and current senior management have been together approximately 15 years.
As with any organization, the management group drives the company. The current management group of Maverick is committed to the continued growth and success of Maverick through good and ethical management practices, conventional drilling programs, and acquisitions through equity and debt resources, with the ultimate goal of continued growth in profitability and enhancement of shareholder value.
The first and most important step is buying the correct property. Maverick has a competitive edge over others in this process because of our experience in analyzing oil and gas operations from both financial and operational viewpoints. One or the other is often lacking in small E and P companies. They may find the right property from an operational perspective but structure the deal so that it cannot succeed financially -- operating people often lack the expertise to correctly structure the purchase and, while they may acquire a good field, they run out of cash. Likewise, financial people are the wrong people to effectively analyze operations -- while they are essential to identifying unusual expenses, they often cannot determine what, if any, changes must be made.
Maverick's due diligence team consists of financial people, each with more than twenty years experience in analyzing and structuring acquisitions and operational people who have operated producing fields for well in excess of twenty years. One of the initial steps in the due diligence process is a review of the Reserve Engineering Report for the acquisition. Maverick's people have reviewed hundreds of reports and are adept at identifying materially incorrect or unusual estimates and computations. Our independent petroleum engineer, one of the most widely-respected firms in the country with a client list that includes major oil and gas companies and the nation's largest financial institutions, with whom we have worked with for over twenty years, will assist us in the process.
Recent Projects:
Maverick Energy Group Announces Completion of 4 Wells in West Virginia
April 4, 2006
Maverick Energy Group is pleased to announce the drilling and completion of its first four wells in West Virginia in 2006.
The first two wells, the Digman #1 and Digman #2, have been drilled and completed to the Big Injun and Gordon formations. The initial tests show that each well will deliver approximately 100,000 cubic feet of gas per day in the line. The expected ultimate recoverable reserves for each of these two wells is approximately 250 million cubic feet of gas.
Based upon the standard market price of natural gas which is currently at $7.00 per thousand cubic feet of gas, the Gross Income from production for the next twelve months will exceed $250,000 per well. These wells should be selling gas by the end of April.
The second two wells, the Hutson #1 and Hutson #2, have been drilled and completed to the Gordon Formation. The initial tests indicate that each well will deliver approximately 60,000 cubic feet of gas per day into the line. The expected ultimate recoverable reserves for each of these two wells is 185 million cubic feet of gas.
Based upon the standard market price of natural gas quoted above, the Gross Income from production for the next twelve months will exceed $150,000 per well. Both wells should be selling gas by the middle of April.
Maverick will retain a 25% working interest in all of the above wells.
As previously stated, Maverick projects to drill an additional 25 wells in West Virginia this year.
James McCabe, CEO of Maverick stated, “We are very excited with the potential production of these first four wells. And based upon those results, Maverick continues to acquire additional leases in West Virginia.”
Contact:
Maverick Energy Group
1350 South Boulder, Ste. 301
Tulsa, Oklahoma 74119
Phone: 918.280.7781
Fax: 918.663.0788
Maverick Energy Group
350 Spring Line Drive
Naples, Florida 34102
Phone: 239.649.5677
Fax: 239.649.5684
Investor Relations: investorrelations@maverickenergygroup.com
Conrad Negron, Vice President of Marketing: can@maverickenergygroup.com
