Maverick Begins Production on Turner Ranch Project
Maverick Oil and Gas has completed the first two wells in its Turner Ranch Project, the Turner 1116 #4 and the Turner 1116 #5. Both wells tested at a commercial production rate of 600 Thousand Cubic Feet ("MCF") of gas per day and are currently both flowing into the sales line at the maximum rate allowed by the Texas Railroad Commission of 467 MCF per day. The company intends to petition to increase the allowable rate to accommodate the greater amounts available to be produced.
Michael Garland, CEO of Maverick, said "we are very encouraged by the results of our first two wells in our Turner Ranch Project. At the current rate of production in each well, we will get a return of our cost of drilling each well in approximately four months."
Maverick is currently drilling its third well on the Turner Ranch Project, the Turner 44 #1. The company, through Turner-Escalera LLC, the joint venture company for this development property in Tom Green County, Texas, has a net working interest of approximately 8.5% in the Turner Ranch Project. Maverick anticipates that approximately 150 wells can be drilled on the project's acreage which could yield in aggregate an estimated potential 12 Billion Cubic Feet (BCF) of gas reserves net to Maverick's interest. Maverick is deploying patented drilling technology on the Turner Ranch Project which is designed to establish higher production rates and reserves per well at substantially the same levels of risk as compared to more established techniques.
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