The Company is still actively acquiring acreage and is confident that it will shortly reach its initial target of acquiring in excess of 100,000 net mineral acres. The Company anticipates that it will commence drilling operations in January, 2006 and will drill an initial series of six to eight test wells. Following full interpretation of data gathered during this operation, it is anticipated that a full development program could be initiated by mid-year 2006.
Additionally, the Company has tentatively agreed to terms with another industry participant and a private investor to participate in the play, with the Company retaining a 45% working interest in the project. Maverick will operate the project on behalf of its co-venturers.
Finally, the Company announced that it will become operator of that portion of its Barnett Shale project (approximately 1,942 leasehold acres in Wise County, Texas) formerly operated by Reichmann Petroleum, as well as its Whitewater project, effective November 1, 2005. This reflects the next stage in the Company's development as it intends to become the operator in certain of its more material projects.
V. Ray Harlow, Chief Executive Officer stated, "The success of the leasing program in the Fayetteville Shale play is very encouraging and gives the Company an impressive position in this most promising part of the developing play. With the expected commencement of drilling operations early in 2006, the Company will be well positioned to provide significant additional shareholder value." In addition, Mr. Harlow stated, "The acquisition of operations on the Barnett Shale and Whitewater projects will enable the Company to have a more meaningful role in the development of both areas during this period of high product pricing."
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