Here is some interesting old news here...
Maverick to sell Barnett Shale Properties for $22.5 million
Dallas, Texas — 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.
Approximately $20 million of the proceeds of the sale of these properties will be used to repay a portion of our outstanding debentures and the remainder will be used for capital programs and working capital. Closing is expected to occur in early April 2007 following normal due diligence which is currently ongoing. This sale was required as part of the company’s earlier financings. The holders of our outstanding debentures originally required the closing to occur on or before February 28, 2007. They have agreed to extend this timeframe until the actual closing date without any penalties. The company is in discussions with these debenture holders to restructure the remainder of our outstanding indebtedness.
James A. Watt, Chief Executive Officer of the Company stated, “This sale allows us to reduce our overall debt and increase our operating flexibility. We will now be seeking new properties with near term cash flow to support our operations and complement our long term resource play in the Fayetteville shale of Woodruff County, Arkansas.”
About Maverick Oil and Gas, Inc.
We are an early stage independent oil and gas company engaged in exploration, exploitation, development and production. We currently participate in these activities through the interests we hold in oil and gas exploration and development projects in Arkansas, Texas and Colorado. We will seek to acquire other exploration and production properties and from time to time sell or trade interests in properties in an effort to maximize value for our shareholders. For more information about the Company, please visit our website at www.maverickoilandgas.com
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