Published: May 18, 2006
PGPU/Maverick Announces Drilling Rig in Place to Begin First of Two New Drilling Sites
PGPU / Maverick Energy (OTC: PGPU) is pleased
to announce that a rig has been moved on to the first lease of two
Horizontal Drilling sites. Maverick will be utilizing its proprietary
Horizontal Drilling technology to re-enter and drill horizontally on the
first of two targeted locations. Maverick has a 12.5% working interest in
these wells as well as a contract to drill two producing and one disposal
well on the target leases. Once production is established, Maverick will
become the operator of the wells.
Based upon expected production from the targeted zones, production from
each well could exceed 100 barrels of oil per day.
"This should prove to be a strong addition to our portfolio," stated
PGPU/Maverick CEO James McCabe, "that we expect will increase our bottom
line and shareholder value."
PGPU/Maverick recently announced its acquisition of 11.517% of the Big Foot
Oil Field, of which it is also operator of that field.
PGPU/Maverick Energy is the operator of the "Big Foot Field" in West Texas
originally developed by Royal Dutch Shell (RDS-A) recently valued at $19
million it has approximately 300 wells in the field of which about 200 are
presently revenue producing. PGPU/Maverick is also proprietary owner and
operator of several producing natural gas fields and owns approximately 50
additional natural gas leases in West Virginia.
Further information can be found at http://www.maverickenergygroup.com/
or www.pinksheets.com
This release includes forward-looking statements, which are based on
certain assumptions and reflects management's current expectations. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Some of these factors include:
general global economic conditions; general industry and market conditions
and growth rates; uncertainty as to whether our strategies and business
plans will yield the expected benefits; increasing competition;
availability and cost of capital; the ability to identify and develop and
achieve commercial success for new products and technologies; the level of
expenditures necessary to maintain and improve the quality of products and
services; changes in technology; changes in laws and regulations, includes
codes and standards, intellectual property rights, and tax matters; the
uncertainty of the oil & gas market; including the geopolitical environment
not anticipated; our ability to secure and maintain strategic relationships
and distribution agreements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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