ST AUGUSTINE, FL / ACCESSWIRE / August 26, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas exploration company, announced today that Maverick/USR has purchase a 25% Working Interest in the 480-acre Ben Hearne Lease in Van Zandt, Texas.
Included in the lease purchase is the Ben Hearne #1 well that has produced to date 2.72 billion cubic feet of gas and 16,888 barrels of oil. The well was shut in 2019 while making an average of 170 thousand cubic feet of gas per day and 1.5 barrels of oil per day. Maverick's engineer, Jason Lacewell, believes by making some basic changes to the wells production equipment the well has the potential to produce substantially greater rates than when it was shut in.
Further attractive upside to the Ben Hearne #1 is that the well has never been fracked. Once the well has been returned to production, Maverick will decide whether fracking the well is appropriate to increase productive rates. In addition, Maverick's engineer has identified good potentially productive zones both above and below the current producing zone that will be exploited later.
Maverick expects to begin recompletion operations on the Ben Hearne #1 within the next couple of weeks, with first production expected within the next 30 days.
"Following Maverick's business model of acquiring and developing low-cost reserves, Maverick expects to continue adding quality oil and gas producing assets like the Ben Hearne #1", said James McCabe, CEO of Maverick Energy Group, Ltd.
About Maverick EnergyGroup
Maverick Energy Group LTD is a crude oil and natural gas acquisition, production, exploration, and horizontal drilling development company focusing on select areas of North America. Maverick believes that its access to patented and proprietary horizontal production enhancement technologies facilitates the rapid accumulation of valuable oil and gas assets, while at the same time greatly improving the rate of production and lifetime potential of these properties.
Company Website: www.maverickeg.com
Safe Harbor Statement
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CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
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https://www.accesswire.com/661540/Maverick-Energy-Group-LTD-Announces-Acquisition-of-Van-Zandt-County-Texas-Lease-8262021
