ENID, OKLAHOMA (December 14, 2015) – Maverick Brothers Resources (Maverick), an Enid-based independent oil and gas exploration and production company, announced the sale of its Fonda Project by its affiliate, Maverick Brothers Energy, to an undisclosed buyer on August 1, 2015. The properties are located in northeast Dewey County and consist of 14,042 net/20,870 gross acres of leasehold in 33 contiguous sections and include one vertical and eight horizontal Mississippian wells.
“The fact that we were able to successfully close the Fonda transaction during this time when many companies have completely shut down on acquisitions is a testament to the quality of the project and the professionalism of our entire staff,” said Bret Brickman, President and CEO of Maverick.
The properties are within the “STACK play,” a geographic area in central and northwestern Oklahoma that includes oil and gas-rich formations ranging 8,000 to 11,000 feet in depth. Maverick began developing the Fonda properties in 2010 to test the viability of drilling and completing horizontal wells in the lower Mississippian Osage chert at depths below 10,000 feet, nearly twice the depth most other companies were drilling in the Mississippian at that time.
Maverick’s early results prompted the company to expand its leasehold position. In 2013, Maverick combined its Fonda properties with private equity backing to form Maverick Brothers Energy, which allowed the company to acquire additional leasehold and accelerate its drilling program.
Maverick will use the proceeds of the sale to begin acquiring leasehold on new ideas under development and to purchase producing properties in the U.S.
For more information on Maverick, please email email@example.com or call (580) 233-4701.
About Maverick Brothers Resources
Maverick Brothers Resources is an independent oil and gas exploration and production company formed in 1998 by Bret and Bart Brickman, with a combined 69 years of experience in drilling, production and business management. The company is headquartered in Enid, Oklahoma and currently operates in the Midcontinent. In addition to managing its own assets, the company provides Contract Operating Services for selected properties.