Maverick Energy Group Ltd (MKGP)

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Update needed on this PR:

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."