Maverick Energy Group Ltd. (OTCMKTS:MKGP) is moving in range after announcing that the gas sales line that connects the Hearne #1 and Edwards #1 wells are located in Van Zandt County in Texas has started receiving gas after almost seven months of inactivity because of repairs.
Trading Data
On Wednesday, MKGP stock ended flat at $0.18 with more than 21K shares, compared to its average volume of 100K shares. The stock moved within a range of $0.1800 – 0.1830 after opening trading at $0.18.
Gas Line to Maverick’s Edwards and Hearne Wells in Van Zandt County, Texas Now Back Online
The company can now finalize the expected work on the Hearne #1 and Edwards #1 wells and commence gas sales. After the planned rework of the well is finalized, the company anticipates the wells to resume products to previous levels of around 200,000 cubic feet of gas daily per well.
The company is anticipating then wells to go online in around three weeks. The natural gas and crude oil acquisition, exploration, horizontal drilling and production firm hold a 25% stake in each well alongside other partners. The company believes that its permit to proprietary and patented horizontal production tech facilitates the quick accumulation of gas and oil assets. So MKGP is worth watching in the coming weeks.
Technical Data
MKGP stock is trading below the 20-Day and 50-Day Moving averages of $0.22 and $0.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.27.
