SOURCE: Maverick Energy Group LTD

February 06, 2007 11:00 ET

Maverick Energy Group, LTD Announces the Commencement of Drilling of Third Well in Big Foot Field

SAN ANTONIO, TX -- (MARKET WIRE) -- February 6, 2007 -- Maverick Energy Group, LTD (PINKSHEETS: MKGP) (Maverick) a member of Z2, LLC is pleased to announce the commencement of drilling of the third well which is part of the operations planned by Maverick, as a member of Z2, with funding from the $40,000,000 Advancing Credit Facility which Z2 closed with Gasrock Capital, LLC in August of 2006. The initial drilling phase of the well began on January 30th and is expected to be completed this week. Once the well is drilled, the well will be logged and scheduled for completion in the month of February.

This is the third well of five scheduled wells to be drilled and completed as part of the initial funding with the Gasrock Capital, LLC funding. Of the first two wells drilled, one is completed and in the testing stage and the second well was fractured yesterday and will be placed on line and tested over the next two weeks. It is expected that both wells will produce oil and gas in commercial quantities. Initial flow rates on the first well should be available by the middle of February. The inclimate weather at Big Foot the second half of January has delayed the testing and completion operations on the first two wells.

"Maverick is very pleased with the progress on the drilling program to date and expects to release initial production data on the first two wells in the very near future," stated Jim McCabe, the CEO of Maverick.

Maverick Energy Group LTD is the Operator of the "Big Foot Field" in Texas originally developed by Royal Dutch Shell (RDS-A). It has approximately 300 production wells in the field of which approximately 240 are presently revenue producing. Maverick is also the part owner of several producing natural gas wells and owns additional natural gas leases in West Virginia. The President of Maverick also serves as Chief Financial Officer of Z2, LLC.

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This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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