Maverick Minerals Corp. announced yesterday that their Texas based contractor has completed drill site construction in preparation for the drilling of the Company’s Initial Test Well later this month. Maverick contracted for the provision of location services at their drill site in Fort Bend County, Texas.
The construction of location services included widening of an existing 2,000 foot access road and foundational re-enforcement with crushed limestone. Contractors also constructed the requisite drilling pad of approximately 1.5 acres in anticipation of rig mobilization.
The Company has negotiated a turn-key drilling contract with a major Texas based drilling company for their initial test well in which Maverick is guaranteed development to their planned total depth. They believe that this commitment offers the best possible security to their shareholders during the development of the initial test well.
The Company anticipates that rig mobilization will occur sometime during the third week of November. The projected drilling schedule will be 35 days. The design of the Initial Test Well is to target the Wilcox Trend. This is a vast depositional sand zone with a history of prolific natural gas and condensate production. Maverick Minerals Corporation intends to reach and log the primary target in the “Middle Wilcox” at a depth of between 12,500 and 13,500 feet.
Maverick Minerals Corporation is an exploration stage company that trades on the OTC Bulletin Board. The Company engages in the acquisition, exploration, and development of oil and gas properties in Texas. They have entered into a comprehensive “Farm-Out” agreement on approximately 4,513 acres of highly prospective oil and gas leases in Fort Bend and Wharton counties.
The Property lies approximately 50 miles southwest of Houston Texas. The Maverick Acreage offsets contiguous producing acreage previously owned by ConocoPhillips. This offsetting producing acreage is known as the Cooley Field. The Cooley Field consists of 35 wells drilled out over approximately 2,716 acres. Cumulative Field Production as of January 2008 is 201 Billion cubic feet of gas and 4,679,000 Barrels of Oil. In November 2010 Maverick will drill a new well directly offsetting the Cooley Field at its closest point.
For more information visit: www.maverickminerals.com
Let us hear your thoughts below:
