Maverick Issues Operational Update on Its Fayetteville Shale Project
Maverick Oil and Gas, Inc. (OTCBB:MVOG message board, news, dd, quote) today provided the following update regarding its ongoing operations in its Fayetteville Shale project in Arkansas. The company announced that it has completed coring and drilling operations on the Williamson Brothers #1-36H well at a total depth of 6,712' MD including a horizontal section 2,000' in length. Production casing has been run and cemented in the well and the rig was released on May 1, 2006. Fracture stimulation operations for this well have been scheduled during June, 2006 with initial test results anticipated shortly thereafter.
The rig has been moved to the Byers #1-3H well and drilling operations commenced on May 9, 2006. This second well is located approximately 6 miles northwest of the initial well and drilling operations are expected to take approximately 25 days with completion and testing results expected within 90 days.
About Maverick Oil and Gas
We are an early stage independent energy company engaged in oil and gas exploration, exploitation, development and production. We currently participate in these activities through the interests we hold in oil and gas exploration and development projects in Arkansas, Texas and Colorado. Our strategy is to continue the development of our current exploration projects and to expand our operations by acquiring additional exploration opportunities and properties with existing production, taking advantage of the industry experience of our management team and modern techniques such as horizontal drilling and 3D seismic analysis. For more information about the Company, please visit http://www.maverickoilandgas.com.
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future results, levels of activity, events, trends or plans. We have based these forward-looking statements on our current expectations and projections about such future results, levels of activity, events, trends or plans. These forward looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, events, trends or plans to be materially different from any future results, levels of activity, events, trends or plans expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as guidance, may, will, should, could, would, expect, plan, anticipate, believe, estimate, continue or the negative of such terms or other such expressions. In connection with our announced drilling programs, important factors that could cause actual results to differ materially from our expectations, include but are not limited to: (1) whether drilling on Byers #1-3H will be completed within the time and cost budgets estimated by the Company in view of the risks and uncertainties normally associated with drilling projects; (2) whether fracture stimulation on the Williamson Brothers #1-36H will be completed within the time and cost budgets estimated by the Company in light of the short supply of the required engineering personnel necessary to conduct such operations; (3) whether ultimate production may be achieved, and if so, in a manner consistent with our initial test results on the Williamson Brothers #1-36H, given the uncertainties associated with drilling and extraction of oil and gas reserves; (4) whether long term test results will justify the drilling of additional wells; (5) when such additional wells may be drilled; (6) the ability to drill for and extract commercial quantities of oil and gas; and (7) our ability to finance our portion of the drilling and development costs associated with Byers #1-3H and Williamson Brothers #1-36H, as well as the costs of drilling future wells. As they pertain to our business, in general, important factors that could cause our actual results to differ materially from our expectations, include but are not limited to those factors disclosed in our Annual Report on Form 10-KSB, our other filings with the Securities and Exchange Commission, as well as our other public documents and press releases which can be found on our web site (http://www.maverickoilandgas.com). Readers are cautioned not to place undue reliance on our forward looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward looking statements to reflect events or circumstances occurring after the date hereof.
For Maverick Oil and Gas, Inc., Fort Lauderdale
Gross Capital, Inc.
Barry Gross, 361-949-4999
barry@grosscapital.com
