ST AUGUSTINE, FL / ACCESSWIRE / January 19, 2021 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce we have closed the acquisition of a non-exclusive Technology License Agreement for the US territory with USR Resources LLC "USRR" a Houston, Texas based company. This is the first USR Technology License to be granted in the United States. Maverick now has the right to own and operate USRR's industry leading proprietary drilling system, which includes specialty mud motors and other proprietary drilling technology. Maverick paid $1,000,000 in a stock and cash transaction for the Technology License Agreement.
Maverick will have the use of USRR's equipment and personnel for up to twelve months while Maverick's set of USRR's drilling tools is manufactured specific to Maverick and Maverick's personnel are trained in the operation and use of USRR's tools and technology.
USRR's expertise is the re-entry of existing oil and gas wells to exploit bypassed reserves in mature fields. USRR's proprietary well-intervention technologies were specifically designed to exploit remaining reserves, increase production from marginal wells, restore production from shut-in wells, and reduce water production. USRR provides its services globally to major oil companies, large independents and national oil companies.
Having USRR's proprietary horizontal drilling technology now allows Maverick to execute its business plan of finding and acquiring high quality oil and gas drilling prospects through a combination of joint ventures, drill to earn agreements and outright purchases of fields, wells, and leases. USRR's horizontal drilling technology will allow Maverick to extract remaining reserves in mature fields more effectively and at a lower cost than traditional horizontal drilling technologies, giving Maverick a significant advantage over other oil companies.
Maverick Energy Group, Ltd. FORWARD-LOOKING STATEMENTS
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect", "intend", "plan", "estimate", "anticipate", "believe", "should", or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Further details are available at https://maverick-energy.com
Maverick Energy Group, LTD
Signed: "James McCabe"
James McCabe, CEO and Director
SOURCE: Maverick Energy Group, LTD