A question was asked earlier in the day by Laser Sailor in regard to whether or not Maverick's drilling rigs are owned or rented. From my review of the information available, I haven't been able to find the answer. Does anyone have a listing of equipment owned by the company? From what I have read, rental of drilling rigs can cost several thousand per day -- "each rig can generate more than $6.5 million per year in revenue" -- see the article attached:
DALLAS-(Business Wire)-March 2, 2007 - Maverick Oil and Gas, Inc. (OTCBB:MVOG) today announced that it has signed a Purchase and Sale Agreement for the sale of its interest in Barnett Shale properties for $22.5 million. These properties are located in Wise County, Texas.
Range has recently expanded its Barnett Shale acreage position by almost 10,000 acres to a total of 73,000 gross (64,000 net) acres. More than 90% of the Barnett Shale leasehold is located in the core and expanding core portions of the play. One of the recently drilled wells was placed on production two weeks ago and is now producing in excess of 12 Mmcfe per day.
The Barnett Shale field, which covers 18 counties stretching from Cooke County in the north to Bosque County to the south, has more than doubled its production in the last three years and now is the largest gas field in Texas and second only to the San Juan Basin of New Mexico among U.S. fields.
At current contracted day- rates, each rig can generate more than $6.5 million per year in revenue.
Drilling in the Barnett Shale has continued unabated this year even though natural gas prices have been dropping. The number of working rigs in the Barnett Shale stood at 167 last week, up from 109 a year earlier. The Barnett Shale field is defined by the Railroad Commission to include Bosque, Clay, Cooke, Denton, Ellis, Erath, Hill, Hood, Jack, Johnson, Montague, Palo Pinto, Parker, Somervell, Tarrant and Wise counties.
