Maverick Drilling and Exploration has announced agreements to sell its main legacy asset, Blue Ridge Field in eastern Fort Bend County, to undisclosed buyers. The 929 acre property consists of a piercement-type salt dome located just south of Houston, discovered 97 years ago. In recent years Maverick has used three company-owned workover rigs to maintain the field, which in late 2015 reported an oil flow rate of 760 barrels per day.
Houston-based Maverick has already received $9.1 million in down payments on the two sale contracts for the Blue Ridge Field holdings, and expects to close the cash deals within 30 days.
On the company website,
states: “Our mission is to build and grow a dynamic, multi-asset, investment grade oil and gas company”. The sale will allow Maverick to expedite plans to shift its resources to develop new Eagle Ford Shale holdings in South Texas, according to Yeager.
According to company statements, Maverick is attempting to transform its operations from a drilling and small oil and gas production to a growth-oriented exploration and production company. As part of that transformation, in January 2016 the company announced that it had begun leasing acreage “in the heart of a major U.S. onshore oil play”. More recently, Maverick has said that within the next three months it plans to begin drilling operations on 11,000+ acres in Dimmit County.
Trading on the Australian Stock Market under the symbol MAD, Maverick participates in the USA securities market via American Depositary Receipts (ADRs) bearing the symbol MRVKY. As of Oct. 30, 2016, the company’s stock was listed on on the Australian Stock Market at AUD$.092 per share.
Maverick’s main North American office is located at: 5151 San Felipe, Suite 800, Houston, Texas 77056.