November has been a big month for Maverick Oil and Gas as they take the offensive with plans to develop their Eagle Ford assets.
Related: Titanium Exploration Partners Gains Eagle Ford Acreage
Maverick closed a deal last week on its key on a deal last week to sell its Blue Ridge Field in eastern Fort Bend County for$9.1 million.
In a letter to shareholders last week, CEO J. Michael Yeager wrote that the sale of Blue Ridge allows the company to focus solely on our new Eagle Ford acreage. The plan is for Maverick to use the new resources to develop their acreage in Dimmit County, which is upwards of 13,000 acres.
“We are assembling our drilling plans. We are working on prices, equipment, people and services every day. We are still targeting to drill very late in this quarter and into the first quarter of next year. We will update you on those plans as they are finalized. Our first wells are very important and we want to get it right.”
This deal places Maverick solidly in the oil window of the Eagle Ford formation. Maverick is finalizing plans for its initial drilling program to commence in the fourth quarter of 2016 and extend into the first quarter of 2017.
Last week, Maverick shareholders agreed to change the company’s name to Freedom Oil and Gas.
Other companies are getting bullish on the Eagle Ford. Earlier this month, Dallas-based Titanium Exploration Partners, LLC joined with Värde Partners to increase their presence in the Eagle Ford by purchassing 3,900 net acres with production of 1,050 barrels of oil equivalent per day.