Maverick Energy Group Secures Option to Acquire the Big Foot Field in Texas
OTCMKTS-listed Maverick Energy Group Ltd. has secured a six-month option to acquire the Big Foot oil field in Texas from Florida-based DESMDX LLC. During the option period, which expires in April 2021, the company will conduct extensive due diligence involving engineering and geological evaluations on the field.
The Big Foot field covers an area of approximately 6,800 acres in the Maverick basin, located in Frio and Atascosa counties in Texas. Originally discovered by an affiliate of supermajor Royal Dutch Shell Plc in 1949, the field is estimated to contain 200 million barrels (MMbbls) of oil in place, of which approximately 30 MMbbls have been produced till date.
The field includes 181 producing wells that primarily target the Upper Cretaceous Olmos formation, and is expected to contain various recompletion and new drilling opportunities. Current net average daily production from the field is approximately 100 barrels of oil per day (bbls/d).
“Maverick Energy Group Ltd. is currently an operator of the Big Foot Field, and with our extensive experience in horizontal and ultra short radius drilling, this project represents a tremendous opportunity for Maverick,” said James McCabe, CEO of Maverick.