HOUSTON, TX, Dec. 3 /PRNewswire/ - Maverick Minerals Corporation (OTC.BB: MVRM) (hereafter "Maverick" or the "Company") is pleased to announce that its Texas based crews are today commencing operations for the drilling of the Company's Initial Test Well expected to spud on or about December 05, 2010.
The Operator has completed the construction of the access road and drill pad infrastructure (See Press Release - November 09, 2010). Crews are setting cellar and conductor pipe today in preparation for rig mobilization by Pioneer Drilling Company to the property on December 05.
On November 23, 2010 the Operator received its Permit to Drill Maverick's Initial Test Well on the Company's 4,513 Farm Out acreage in Fort Bend County, Texas. The Initial Test Well is designed to target the Wilcox Trend, a vast depositional sand zone with a history of prolific natural gas and condensate production. The Company intends to reach and log the primary target in the "Middle Wilcox" at a depth of between 12,500 and 13,500 feet.
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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 11,602,617 shares of Maverick Minerals issued and outstanding.
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: (i) the Company's anticipated 2010 drilling program is expected to target the Wilcox Trend; (ii) that the Company will be targeting the middle Wilcox Trend to a depth of between 12,500 and 13,500 feet; (iii) that Maverick intends to drill the initial test well in November, 2010 during the third week of November with a projected drilling schedule of 35 days.
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