Maverick Energy Group, Ltd.
20.7.2021 15:02:33 CEST | ACCESS Newswire | Press release
ST AUGUSTINE, FL / ACCESSWIRE / July 20, 2021 / James McCabe, President and CEO of Maverick Energy Group, Ltd. (OTC PINK:MKGP) ("Maverick"), an independent oil and gas exploration company, announced today that Maverick/USR have signed a binding LOI and will jointly develop Martin Foree Operating (MFO) wells using USR Ultra Short Radius Horizontal Drilling Technology.
Maverick/USR targeted zones are the San Andres and Grayburg reservoirs which have yielded approximately 42% (9.8 billion barrels) of the total cumulative production of oil from the Permian Basin of West Texas. Major San Andres and Grayburg reservoirs are estimated to contain 8.7 billion barrels of unrecovered mobile oil. Approximately 900 million barrels of unrecovered mobile oil lie within a northwest-trending group of fields including McElroy, Dune, Waddell, Jordan, and Penwell on the eastern margin of the Central Basin Platform according to a study performed in April 2012 by the United States Geological Survey (USGS).
Maverick/ USR/ Martin Foree Operating (MFO) believe the Dune Field, which is 15 miles south of Odessa, Texas in Crane County, has significant quantities of mobile oil remaining after primary and secondary recovery. The Dune Field was discovered in 1938 and developed with 900 conventional vertical wells.
Maverick/USR and MFO's first targeted producing formation is the San Andres dolomite which is a 200' thick highly fractured carbonate oil reservoir at a depth of 3,300' that contains an estimated 590MMbbls of original oil in place. Approximately 177MMbbls have been recovered from the vertical wells representing roughly 30% of the original oil in place.
Various methods including acid treatments, water floods and increased well density have been used to improve oil recovery from this oil rich but tight rock. However, no San Andres horizontal wells have been drilled to recover additional oil reserves in the undrained fracture systems in this area. A few horizontal wells have been drilled in the overlying Grayburg with initial production rates of +/-200BOPD.
In the 1950's Mobil Oil Corporation was active in the Dune Oil Field. In 1954 they formed the "Mobil University Unit 15/16" and worked to improve oil recovery by drilling additional wells on 20 acres spacing in conjunction with water flooding. Mobil ultimately drilled 101 wells in the 1,280 acres unit and produced 13.8 million barrels of oil from this unit.
The MFO 960 acres in the "UTEX Lease" is Dune Field acreage that adjoins and is up dip to the Mobil 15/16 Unit. Like most of the Dune Field we believe that this acreage has not been properly exploited. Ultra-Short Radius (USR) horizontal drilling technology will be used to unlock the oil stranded between vertical wells without drilling additional wells. The first candidate well for re-entry and sidetrack is DD #6. We believe that the success of the DD #6 well will make hundreds of wells readily available for re-entry to the Maverick/USR/MFO group.
Highlights of the Maverick/USR/MFO Dune Field development are: 960 contiguous acres; 27 existing wellbores; two saltwater injection wells; gas gathering system and electrical throughout the property.
Highlights of the Dune Field Geology and Reservoir are: 200' thick San Andres Formation; high formation oil saturation; formation porosity of 10-18%; natural fractures and a current bottom hole pressure of 500ps, which is 30-40% of original bottom hole pressure.
The Dune Field engineering studies estimate the field to have 590 million barrels of oil originally in place of which 177 million barrels have been produced to date. Unrecovered remaining moveable oil is approximately 413 million barrels. Vertical wells in the Dune Field have produced on average 196,666 barrels of oil. An integrated geological and reservoir study has indicated that approximately 10,000,000 barrels of unrecovered oil is in an area of only one square mile.
"Maverick has made significant progress in establishing industry relationships and implementing its unique business model with the strong relationship with USR. With the Dune Field project, Maverick will now participate in a world class oil field development that can be repeated many times over with USR and MFO," said James McCabe, CEO Maverick Energy Group, Ltd.
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 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
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, butare 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.
CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
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