Maverick Oil & Gas Purchases Stake in Maverick Basin Project

Maverick Basin
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Maverick Oil and Gas has purchased a 75% Class A Membership Interest in Maverick Basin Exploration, LLC, a Delaware limited liability company ("Maverick Basin") from South Oil, Inc., a Texas based oil and gas exploration and production company ("South Oil"). As a result of the execution of the Interest Purchase Agreement (the "Agreement"), the Company has assumed South Oil's obligations to Maverick Basin, including making the Class A Member's initial capital contribution of $4,000,000.

Maverick Basin has entered into an exploration and joint operating agreement with Blue Star Operating, Inc. ("Blue Star"), an oil and gas exploration and production company based in Dallas, Texas, owned by Jerry Jones, the famed owner of the NFL's Dallas Cowboys. Maverick Basin and Blue Star will each have a 50% working interest in 20,000 acres of exploration targets in the Maverick Basin in South Texas. As the Class A Member of Maverick Basin, the Company will have approximately a 37.5% working interest in the project.

Michael Garland, Chief Executive Officer of the Company, said "We are very excited with this new venture and believe this type of opportunity provides an ideal situation for the growth of the Company. We believe this acquisition will be the first of many value added acquisitions for our company over the coming months."

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