ST. AUGUSTINE, FL / ACCESSWIRE / December 6, 2022 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce Maverick Energy Group, Ltd. and Pass Creek Resources, LLC completed a transaction whereby Maverick will acquire 100% of the units of Pass Creek Resources, LLC. Pass Creek Resources, LLC owns a 100% working interest and a 77.5% net revenue Interest in the Adena Oil and Gas Field located in Morgan County, Colorado for a payment of 60 million restricted shares of Maverick common stock.
The Adena Field was discovered in 1953 by Unocal and is 3rd largest oil field in the state of Colorado. It has produced 74 MMBO and 127BCF of gas since discovery. The Adena Field consists of 14,000 acres and Pass Creek Resources, LLC estimates the field contains 20 to 50 million barrels of remaining recoverable oil reserves in place and currently produces approximately $100,000 of oil and gas revenue per month. Maverick and USR will jointly evaluate and develop the Adena Field.
James McCabe, CEO Maverick Energy Group, Ltd., commented, "This is Maverick's first producing property acquisition that brings immediate cash flow to the company while providing what we believe is significant upside growth potential."
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 license 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 potentialof 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 meetthem, government agency rules and changes, and variousother factors beyond the Company's control.
CONTACT:
Maverick Energy Group, Ltd.
investors@maverickeg.com
SOURCE: Maverick Energy Group, Ltd.
View source version on accesswire.com:https://www.accesswire.com/730475/Maverick-Signs-Binding-Agreement-to-Acquire-100-of-Pass-Creek-Resources-LLC-Including-100-Working-Interest-in-the-Adena-Oil-and-Gas-Field-in-Morgan-County-Colorado
