Wednesday, June 29, 2011
Maverick Drilling & Exploration Ltd.
Maverick Drilling & Exploration announced a significant upgrade to Maverick's 2P reserves on its flagship asset, Blue Ridge Dome, by approximately 26.8 million net oil barrels for Maverick's share of its leases. The reserves reflect no barrels equivalent in natural gas and are all true liquid oil barrels.
The reserve upgrade is a result of a combination of new lease acquisitions on Blue Ridge Dome and further analysis of results of Maverick's ongoing drilling program. A comparison to previously disclosed reserves is set out below:
Net Maverick Reserves
| Proved 1P (million bbls) | Proved + Probable 2P (million bbls) | |
| ISO prospectus | 7.8 | 25.6 |
| Today | 12.4 | 52.4 |
| 9 month increase (%) | 59% | 104% |
Approximately 7.6 million net 2P barrels of the increase are the result of the company's improvements on those Blue Ridge Dome leases held at the time of listing (in September 2010). The remaining 19.2 million 2P barrels relate to acquisitions and expansion of holdings in the field.
Commenting on the upgrade, Maverick's executive chairman, Mr. Don Henrich said, "This is a superb outcome in Maverick's first nine months as a listed company. The substantial upgrade highlights the vale of Blue Ridge Dome, and the inherent potential of Boiling Dome, a piercement type salt dome with similar characteristics. The reserve upgrade underpins our aggressive acquisitions and in-field drilling and completion program which is achieving record production month over month for the past several months."
As previously announced, the company holds considerably larger net acreage on Boiling Dome than on Blue Ridge Dome. The Directors expect to announce maiden reserves for Boiling Dome later this calendar year, after commencement of the pilot drilling program.
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