Post by EWe2667613 on Jan 23, 2005 0:06:14 GMT -5
Maverick Expects First Gas Sales before the End of January, Interim Progress Update
1/19/2005 5:03:00 PM
LONDON, Jan 19, 2005 (BUSINESS WIRE) -- Maverick Oil and Gas, Inc. ("Maverick")(OTC:MVOG) announced today that it expects the Denman #1 well to be hooked up to production facilities early next week with sales to follow before the end of January 2005. The company also gave an interim update on projects in which it has an interest.
Maverick Basin
The Maverick Basin project is Maverick's joint venture with Blue Star Operating Inc, the independent oil and gas company owned by Jerry Jones, and Touchstone Resources USA Inc ( TSNU ). Maverick has a net 37.5% interest in the project.
The Denman #1 is the first well on the project and the initial production rate is expected to be 500 MCF of gas and 35 barrels of oil per day as was previously announced by the company in mid November 2004.
The Travis 641-H is due to complete testing within a week or two depending upon the results of a suite of production logs and frac equipment availability.
The Denman #2-48, the next well offsetting the Denman #1, is due to spud within the next 45 days. The Denman #3-48 will follow the completion of the #2-48.
Barnett Shale
Maverick holds a 50% membership interest in RBE LLC ("RBE"), a company formed by Maverick and its partners to explore for oil and gas in the Barnett Shale area of North Texas.
RBE has to date with its partners acquired aggregate lease interests of approximately 12,000 gross acres in the Barnett Shale area. The first well, the Pauline Cook # 1-H, is due to be spudded before the end of this month on the 629 +/- acre Bertha Flowers lease block in Wise County, part of the 1,942 +/- acre area in which RBE has a 100% interest. The operator on this block is Reichmann Petroleum Corp. of Grapevine, Texas, which expects Texas Wyoming Drilling, Inc. Rig # 11 to move in and commence drilling operations on or about the 22nd of January 2005.
About Maverick Oil and Gas, Inc.
Maverick Oil and Gas, Inc. is a public company ( MVOG ) engaged in oil and gas exploration, development and production. Initially formed to explore, acquire leases and drill for natural gas in two regions of Texas, the company's strategy is to expand its operations further by building on the characteristics of its initial two projects; focused, data-supported lease acquisition, and working with premier grade partners. The company, through its project operators, employs the most modern techniques such as horizontal drilling and 3D seismic analysis. The company aims to build up an energy portfolio combining high potential projects with relatively low risk together with higher yield, higher risk projects, using its existing Texan assets as a solid base for expansion. The company is currently undertaking a private placement, which is intended to fund both the remainder of the initial two projects and also to enable the company to grow with the addition of future projects.
This news release contains forward looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward looking statements. The words "estimate", "project", "expects", "believes", and similar expressions are intended to identify management's assessments, as well as assumptions made by, and information currently available to management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial position to differ materially from those included within the forward looking statements. These factors include those factors set forth in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date made. The Company undertakes no obligations to disclose any revision to these forward looking statements to reflect events or circumstances occurring after the date hereof.
SOURCE: Maverick Oil and Gas, Inc.
Maverick Oil and Gas, Inc., London
Adrian Harris, 011-44-207-636-7386
1/19/2005 5:03:00 PM
LONDON, Jan 19, 2005 (BUSINESS WIRE) -- Maverick Oil and Gas, Inc. ("Maverick")(OTC:MVOG) announced today that it expects the Denman #1 well to be hooked up to production facilities early next week with sales to follow before the end of January 2005. The company also gave an interim update on projects in which it has an interest.
Maverick Basin
The Maverick Basin project is Maverick's joint venture with Blue Star Operating Inc, the independent oil and gas company owned by Jerry Jones, and Touchstone Resources USA Inc ( TSNU ). Maverick has a net 37.5% interest in the project.
The Denman #1 is the first well on the project and the initial production rate is expected to be 500 MCF of gas and 35 barrels of oil per day as was previously announced by the company in mid November 2004.
The Travis 641-H is due to complete testing within a week or two depending upon the results of a suite of production logs and frac equipment availability.
The Denman #2-48, the next well offsetting the Denman #1, is due to spud within the next 45 days. The Denman #3-48 will follow the completion of the #2-48.
Barnett Shale
Maverick holds a 50% membership interest in RBE LLC ("RBE"), a company formed by Maverick and its partners to explore for oil and gas in the Barnett Shale area of North Texas.
RBE has to date with its partners acquired aggregate lease interests of approximately 12,000 gross acres in the Barnett Shale area. The first well, the Pauline Cook # 1-H, is due to be spudded before the end of this month on the 629 +/- acre Bertha Flowers lease block in Wise County, part of the 1,942 +/- acre area in which RBE has a 100% interest. The operator on this block is Reichmann Petroleum Corp. of Grapevine, Texas, which expects Texas Wyoming Drilling, Inc. Rig # 11 to move in and commence drilling operations on or about the 22nd of January 2005.
About Maverick Oil and Gas, Inc.
Maverick Oil and Gas, Inc. is a public company ( MVOG ) engaged in oil and gas exploration, development and production. Initially formed to explore, acquire leases and drill for natural gas in two regions of Texas, the company's strategy is to expand its operations further by building on the characteristics of its initial two projects; focused, data-supported lease acquisition, and working with premier grade partners. The company, through its project operators, employs the most modern techniques such as horizontal drilling and 3D seismic analysis. The company aims to build up an energy portfolio combining high potential projects with relatively low risk together with higher yield, higher risk projects, using its existing Texan assets as a solid base for expansion. The company is currently undertaking a private placement, which is intended to fund both the remainder of the initial two projects and also to enable the company to grow with the addition of future projects.
This news release contains forward looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward looking statements. The words "estimate", "project", "expects", "believes", and similar expressions are intended to identify management's assessments, as well as assumptions made by, and information currently available to management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial position to differ materially from those included within the forward looking statements. These factors include those factors set forth in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date made. The Company undertakes no obligations to disclose any revision to these forward looking statements to reflect events or circumstances occurring after the date hereof.
SOURCE: Maverick Oil and Gas, Inc.
Maverick Oil and Gas, Inc., London
Adrian Harris, 011-44-207-636-7386