ST. AUGUSTINE, FL / ACCESSWIRE / October 28, 2020 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is pleased to announce our agreement to acquire the first US license from USR Resources LLC. The following is a description of our License by David LaPrade:
Maverick Energy Group, Ltd. (Maverick) has entered into a Heads of Agreement (the "Agreement") to acquire a Technology License from USR Resources LLC "USRR" a Houston, Texas based company. This is the first USR Technology License to be granted in the United States. Maverick will have the right to own and operate USRR's proprietary drilling systems which include rotary steerable assemblies and specialty mud motors. USRR's drilling systems are designed for use in the drilling of Ultra Short Radius (USR) wells. USRR will provide the necessary training, supervision, and equipment required by Maverick to fully implement the USR Technology on its oil and gas properties. USRR will participate as partner in the development of Maverick's assets.
USRR is the energy industries' sole and exclusive provider of Ultra Short Radius Drilling services. Its drilling and engineering teams have planned, drilled, and completed more than 500 wells in the US, Oman, Turkey, Myanmar, Indonesia, Pakistan, India, Gabon, and China.
A USR well design offers many distinct advantages over conventionally drilled horizontal wells.
Some key features are:
- Downhole pumps can be set in a vertical position and at or near the top of the reservoir as opposed to hundreds of feet above the reservoir. This allows for a longer production life due to lower abandonment pressures.
- Unstable and problematic overlying lithologies can be avoided because of the tight radius of curvature drilled. Kickoff points are usually in the target reservoir.
- The cost of drilling a USR well is considerably less than conventional horizontal wells. No heavy drilling rigs or expensive mud systems are required for USR wells, but rather light workover rigs, smaller pumps, and smaller surface packages.
- Existing vertical wellbores are used as opposed to the drilling of new wells. This is not only economically beneficial but environmentally beneficial as well.
These key advantages translate to accessing non-produced reserves at lower risk and lower cost.
Maverick will focus on acquiring producing oil and gas fields that can be further developed by sidetracking into untapped reserves from existing wellbores. Current market conditions require a low-cost approach to boosting current production levels and improving ultimate recovered reserves.
Upon the grant of the License, the board of Maverick will include principles of USRR, David LaPrade and John Ogden.
Maverick Energy Group, Ltd. FORWARD-LOOKING STATEMENTS
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect," "intend," "plan," "estimate," "anticipate," "believe," "should," or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Further details are available at https://maverick-energy.com.
Maverick Energy Group, LTD
Signed: "James McCabe"
James McCabe, CEO and Director
SOURCE: Maverick Energy Group, Ltd.
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