ST AUGUSTINE, FL / ACCESSWIRE / July 20, 2022 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTCMKTS:MKGP) ("Maverick"), an independent oil and gas company, announced today that Maverick has executed a Letter of Intent with Pegasi Energy Resources Corporation and Gravitas Resources Corporation.
As stated in the executed LOI, Maverick will acquire 100% working interest in certain oil and gas assets in Marion and Cass Counties, Texas.
The acquisition includes 22 wellbores, related surface and sub-surface equipment and approximately 4,000 net mineral acres. Current production is approximately 18 barrels of oil per day and 165 MCF per day. Current revenue is approximately $85,000 per month, comprising approximately $50,000 from oil sales and $35,000 from gas sales.
At closing Maverick will pay the following consideration:
- A corporate promissory note in the amount of $1,000,000;
- A five percent interest in the net monthly operating revenues generated from the acquired assets;
- 1,000,000 shares of fully paid, restricted 144 and non-assessable Maverick common stock.
When closed, this acquisition will provide a steady cash flow with an attractive upside from completing drilled un-completed (DUC) wells, re-working existing wells, targeting behind pipe reserves and targeting stranded reserves by sidetracking vertical wells with horizontal drain holes using the USR technology.
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 rapidaccumulation of valuable oil and gas assets, while at the same time greatly improving the rate of production and lifetime potentialof these properties.
Company Website: @www.maverickeg.com
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 thoseprojected 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 meetthem, government agency rules and changes, and variousother factors beyond the Company's control, all as set forth in the risk factors stated in Maverick's Regulation A offering statement on Form 1-A.
Maverick Energy Group, Ltd.
SOURCE: Maverick Energy Group, Ltd.