Barnett Shale Play
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Maverick Oil and Gas has complted the acquisition of acreage in the Barnett Shale by RBE, LLC, the company formed by Maverick and its partners to purchase acreage interests in the Barnett Shale from Conoco-Phillips. The total acreage position acquired by RBE has been calculated at approximately 12,300 acres, of which 10,400 acres will be owned 50% by RBE and 50% by Devon Energy Corporation, (the "50% acreage"), and 1943 acres which will be owned 100% by RBE (the "100% acreage). RBE expects to spud the first well on its Barnett Shale acreage within the next 45 days. Proceeds of the private placement currently being undertaken by Maverick will be utilized to fund the purchase commitments above and for Maverick's prorated share of the continued drilling expenses for the subsequent wells drilled on the property. Michael Garland, Maverick's CEO, said "this acquisition is a great example of the type of opportunities we expect to take advantage of at Maverick. We have leveraged ourselves into an opportunity to benefit from a net interest to Maverick in the equivalent of over 7,000 acres in the prime location in the Barnett Shale, which could have had an acquisition cost to us well in excess of $7 million, and instead acquired the position for a small fraction of that." Maverick estimates that a total of approximately 75 wells will be drilled on the property which could generate 225 BCF of total gas reserves to the project, for net reserves to Maverick of the equivalent of approximately 131 BCF of net gas reserves.