Maverick Sells Barnett Stake

Maverick Oil and Gas, Inc. has completed the sale of its interest in the Barnett Shale project for proceeds, net of its interest in the project, of approximately $22.5 million. After the payment of expenses of the transaction and project related expenses, the company expects to yield net proceeds from the sale of approximately $20.5 million.

Principally all of the net proceeds from the sale will be used to repay a portion of Maverick's outstanding convertible debentures, subject to the establishment of a temporary reserve to cover any customary post-closing adjustment items. The remainder of the net proceeds will be used for working capital. This sale was required as part of the company's earlier convertible debenture financings. The company is in discussions with these debenture holders to restructure the remainder of its outstanding indebtedness.

Maverick Oil and Gas is an early stage independent oil and gas company engaged in exploration, exploitation, development and production. It currently participate in these activities through the interests it holds in oil and gas exploration and development projects in Arkansas, Texas and Colorado.