ST AUGUSTINE, FL / ACCESSWIRE / April 14, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTC PINK:MKGP) ("Maverick"), announced today that the company has raised $400,000 in convertible debt financing through a series of notes. The terms of the loans are one year and the lenders have an option to convert principle and interest into Maverick common stock @ $.20/share. Lenders have also been provided an aggregate total of 4 million warrants exercisable into Maverick common shares @ $.35/share. This represents a potential future funding for Maverick of $1.4 million.
These funds will be used to acquire and produce a select number of oil and gas projects in existing fields. Maverick expects an evaluation period of no more than thirty days to select the best candidates as initial development projects.
Candidates consist of existing wells with behind pipe productive zones, existing producing zones for recompletion, and wells to be deepened to known producing formations. In all cases, and in accordance with Maverick's current business model, all candidates will be evaluated for completion using the company's licensed USR Drilling horizontal drilling technology.
This funding is a significant development for Maverick as it allows the company to begin field operations and establish cash flow almost immediately, rather than waiting for the company's $20 million Regulation A+ application to be approved by the SEC. An additional $8 million of funding has already been committed to the company upon approval of the Regulation A+ application.
About Maverick Energy Group
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's 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
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
Maverick Energy Group, Ltd. [email protected]
SOURCE: Maverick Energy Group, Ltd.