Maverick Drilling & Exploration agreed to sell a South Texas oil field to divert much-needed capital to its Eagle Ford acreage, the Houston-based company said Oct. 26.
In two associated agreements, undisclosed buyers will pay Maverick $9.1 million in cash to purchase its Blue Ridge Field in Fort Bend County, Texas. The transaction is expected to close in the next 30 days.
"The combination of both of these agreements allows Maverick to completely exit the area, and allows for the redeployment of this capital into our new Eagle Ford acreage," J. Michael Yeager, Maverick's chairman and CEO, said in a statement.
Maverick is undergoing a major transformation from a drilling contractor and small oil and gas producer into a development-focused, growth-oriented E&P, according to the company's website.
In January 2016, the company said it acquired acreage in the Eagle Ford Shale. The acreage is an undrilled position located in Dimmit County in South Texas offsetting significant proven production, the release said.
The company is also targeting additional acquisitions totaling between 11,000 acres and 13,000 acres by year-end.
Maverick is finalizing plans for its initial drilling program to commence in fourth-quarter 2016 and extend into first-quarter 2017. The company plans to begin initial drilling in the next three months, Yeager added.
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