- Lankford Trust # 1 Provides Geological Interpretation
HOUSTON, March 24 /PRNewswire/ - Maverick Minerals Corporation (OTC.QB: MVRM) (hereafter "Maverick" or the "Company") announces today that it has unsuccessfully attempted to complete two prospective hydrocarbon zones previously identified in the Lankford Trust #1 initial test well. (see press release: HOUSTON, TX, Jan. 31, 2011). The initial test well was spud on December 9, 2010 and reached its targeted depth of 13,500 feet on day 44 of the drilling program. The Company's independent log analyst and project engineer concurred at that time that the targeted Wilcox zones were not commercially productive, despite the presence of significant down hole pressure and strong natural gas shows during drilling. The target sands were very poorly developed and not suitable for a completion attempt. Accordingly, the decision was made to not set production casing and to look up hole for completion opportunities.
The first completion attempt was a potential oil reservoir near 8,000'. The Yegua sand was indicated as potentially productive from open hole log analysis but proved to be non-productive after testing.
The second completion attempt was made on a shallow Miocene zone. There had not been an open hole log across this interval but a significant gas show was seen on the mud log while drilling this interval. The zone was perforated and swab tested during the week of March 14-19 but yielded no significant gas.
Maverick's engineers have now completed plugging the Lankford Trust # 1 pursuant to regulations of the Texas Railway Commission. As a result of the drilling of the initial test well the Company has acquired valuable insight into the Geology and stratigraphy of its Farm Out Acreage. Further work is expected to be conducted by the Company on log and seismic data in order to determine the feasibility of new drilling or re-entry as the case may be.
Maverick Minerals Corporation is an exploration stage company engaged in the acquisition, exploration, and development of oil and gas properties in Texas. The Company has entered in to a comprehensive "Farm-Out" agreement on approximately 4,513 acres of highly prospective oil and gas leases in Fort Bend and Wharton counties.
There are currently 12,152,617 shares of Maverick Minerals issued and outstanding.
FOR FURTHER INFORMATION, PLEASE CONTACT
Robert J. Kinloch
President and CEO
or visit us a www.maverickminerals.com
Legal Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements". Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or "vision," are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that further work is intended to be conducted by the Company on new log and seismic data in order to determine the feasibility of new drilling or re-entry of its Texas oil and gas project.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the inability to obtain the necessary approvals for the further exploration and development of all or any of the Company's prospects; the continued significant demand for oil and gas; risks inherent in the oil and gas industry; the number of competitors in the oil and gas industry with greater technical, financial and operations resources and personnel; uncertainty about requirements demanded by environmental agencies relating to the Company's projects, the Company's ability to raise further financing for operations on acceptable terms, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data; the Company's ability to hire and retain qualified employees and consultants; the fact that the Company's properties are located adjacent to producing wells in the area provides no assurance that producing wells will be found and put into production by the Company; and the fact that there is no certainty that any commercial quantities of oil or gas will be found or recoverable. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. Readers should also refer to the Company's current annual report or other filings, which are available at www.sec.gov for additional discussion of risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements.
SOURCE Maverick Minerals Corporation