(MENAFN - ProactiveInvestors - Australia) Maverick Drilling & Exploration (ASX: MAD) has acquired acreage over an oil field in Texas that has produced over one hundred million barrels to date.
The company has acquired 100% working interests in 211 net acres in and flanking the Gillock Field, where previous wells had commonly produced at initial rates of between 200 barrels and 500 barrels per day of oil.
Additional leases are in negotiation at the present time and Maverick plans to start drilling in the first quarter of 2013.
First discovered in 1935, the Gillock field contains multiple oil sands associated with a deep seated salt dome, differing from the piercement type salt dome field like Maverick's existing Blue Ridge, Boling, and Nash Domes fields.
However, it also contains oil targets and objective zones located in the Miocene and Frio formations though the depths of the Frio Sands are deeper than the other fields in which Maverick owns leases.
These depths are still within the depth capabilities of Maverick's two wholly owned drilling rigs being outfitted for deeper targets.
While these rigs are being prepared, Maverick is preparing to drill at least two initial wells using contracted rigs.
There have been acquisitions in the field by other operators with enhanced oil recovery technology and expertise. The largest operator in the field is Denbury Onshore.
No initial reserve estimates attributed to the Gillock acquisition. This will be evaluated in 2013 following a pilot drilling program in the field.