Maverick Reports Discovery of New Oil Reservoir and Gas Bearing Zones from the Lankford Trust No. 1 Well

HOUSTON, TX, Jan. 31 /CNW/ - Maverick Minerals Corporation (OTC.BB: MVRM) (hereafter "Maverick" or the "Company") is pleased to report to-day on the well status and preliminary log analysis of the Company's Lankford Trust No. 1 Initial Test Well in Fort Bend County, Texas.

Drilling Status

The Initial Test Well was spud on Thursday December 9, 2010 and reached its targeted depth of 13,500 feet on Day 44 of the drilling program.  Logging of the Upper and Intermediate Zones was accomplished during the drill program while logging of the Deep Zone below the intermediate casing and detailed independent log analysis occurred between January 23 and January 25.

Miocene Gas Zone

The well has a 35-40 foot gas bearing zone within a Miocene-aged rock characterized by a clean, very fine grain sand.  This sand is behind the 10 ¾" surface casing.  Completion options are under consideration at this time by the Company and may include the drilling of a shallow well dedicated to this zone. Regional analysis confirms the possibility of multiple wells from this zone on the Company's newly filed 460 acre gas unit.

Yegua Oil Zone

The drilling of the intermediate section of the Lankford Trust No.1 well has yielded multiple opportunities for possible oil and gas production going forward.  Specifically Maverick has determined, after receiving and reviewing the detailed log analysis, that there is an oil productive reservoir in the Yequa section of the intermediate hole. This zone appears to be 7.5 feet of productive sand. The reservoir is described as "Very Good Rock" with positive log characteristics. Review and analysis of regional wells indicates to the Company that the reservoir covers a large enough area that there should be room for additional development wells to be drilled on the unit. This zone is behind the 7 5/8" intermediate casing.

The first priority in the well is to attempt a completion in the newly discovered oil reservoir. The Company expects to move to complete as soon as practicable in the month of February.

Intermediate Zone - Gas

Zone 1

There is an additional Yegua sand behind the 7 5/8" casing in the Lankford Trust #1 deeper than the oil sand.  This sand is described as "Good Rock", not depleted, with log analysis that describes it as "probably better than it appears due to the thin bed." The Company intends to shoot and test the zone prior to attempting the completion in the oil reservoir previously noted. Any attempt at production from this gas bearing zone would require new drilling and plans for this zone await zone tests planned for February.

Zone 2

A second gas zone in the intermediate section was encountered high to Zone 1 and is characterized as having "Very good rock". The zone appears to be a "depleted reservoir with some productive hydrocarbon still present." The Company has no immediate plans for Zone 2 however we intend to monitor its presence and productive capability in any further drilling on the unit.

Deep Zone

Despite the presence of significant gas shows and pore pressure in the range expected from the drilling plan the Company has accepted the log analysis and engineering opinions that sand and rock conditions at depth represent a significant risk to a successful completion at this time and accordingly the Company has plugged back to the 7 5/8" intermediate casing in the well. 

Summary

The Company has successfully:

  • Established and filed the first gas unit on the Company's Farm-Out acreage
  • Identified two Yegua zones with gas shows and one potential Yegua oil reservoir
  • Achieved its primary objective of drilling and logging its Initial Test Well to 13,500 feet depth
  • Built and established a team of committed local and national professionals to further develop the Company's resource exploration plan in Texas

Maverick Minerals expects to report on the progress of its completion efforts in the prospective intermediate oil and gas zones within the next few weeks.

To view site photos please visit our Gallery at www.maverickminerals.com

ABOUT MAVERICK

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: completion options are under consideration at this time by the Company and may include the drilling of a shallow well dedicated to the Miocene Gas zone; the first priority in the well is to attempt a completion in the newly discovered Yegua oil reservoir and that the Company expects to move to complete as soon as practicable in the month of February;  the Company intends to shoot and test the intermediate gas in zone 1 prior to attempting the completion in the Yegua oil reservoir; and the Company expects to report on the progress of its completion efforts in the prospective intermediate oil and gas zones within the next few weeks.

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

For further information:

Robert J. Kinloch
President and CEO
306-343-5799
Email: rjk@maverickminerals.com

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Maverick Minerals Corporation

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