Maverick takes Barnett acreage

Ray Tyson

Maverick Oil and Gas has completed the previously announced acquisition of ConocoPhillips acreage in the Barnett Shale natural gas play of East Texas, Maverick said Oct. 4. The total acreage position acquired by Maverick has been calculated at about 12,300 acres, of which 10,400 acres will be owned 50 percent by Maverick and 50 percent by Devon Energy, the largest player in the Barnett Shale. The remaining 1,943 acres will be owned 100 percent by Maverick.

Maverick said it expects to spud the first well on its Barnett Shale acreage within the next 45 days. Proceeds of a private placement currently being undertaken by Maverick will be used to finance the acquisition and Maverick’s share of drilling expenses, the company said. Maverick said about 75 wells would be drilled on the property which could generate 225 billion cubic feet of total gas reserves to the project, 131 bcf of which would be net to Maverick.