Announcement • Dec 07

Maverick Energy Group, Ltd. Announces Work Commenced on Bonnie Davis #1

Maverick has acquired funds as previously announced to recomplete the Bonnie Davis #1 well in Jones County, Texas. The well has been reevaluated by geologist and a summary of the geological work is included in this report. After certain surface work is completed, Maverick will attempt to recomplete the Penn Lime at 2,960-2,968 and expect results similar to the three offset wells described in this report. Work has commenced on the surface work and the recompletion work will begin when completed. The top of the Penn Lime (Canyon) zone at 2960 had excellent oil and gas mud log shows, and the GR-DIL, Density-Neutron and microlog indicated pay. The mud log shows that the maximum drill break is at 2962 and e-logs showed best porosity and Sw at 2966-70. A second zone occurs at 2974-82, and whereas it has a drilling break, good SP, and excellent porosity (19%) from the density log, the drop off in resistivity suggests a mixed oil and gas reservoir. It has no mud log show. If a completion is in contact with this zone it may produce water. A third Zone at 2990-3000 is very porous (22%), excellent SP (relative permeability), but resistivity is less than 1 ohm-meter, and if a completion is in contact with this zone, it will produce water. It also has no mud log show. Three other Penn Lime producers shown on the map below had impressive initial production rates of 55, 115 and 137 Bopd…none of the 3 wells initially produced water. Bonnie Davis #1 was perforated 2960-68 and was acidized (unknown volume, but likely 250 gal 15% HCl as in the other 3 wells). The next day, the operator immediately set CIBP at 2400'. It is assumed the zone was abandoned because it produced water, the speculation that the acid broke through to one or both of the high porosity, low resistivity zones beneath the top of the Penn Lime. Comments by the Trenergy engineer have been made that the bond logs over different zones "are not good". When or if the decision to recomplete this zone after drilling out the plug at 2883, the top zone from 2960-2970 must be cement-squeezed before the zone is reperforated and acidized. Mud log shows were encountered an e-logs indicated pay in the Breckinridge at 2200-2206, 2207-2211, and 2218-2222. Royal Texan may not have tested this zone. Two days later, Royal Texan tested the Hope Lime at 2102-2108. The Hope lime produced a few barrels of oil, and operations were suspended. It is possible the Breckinridge Lime at 2208-2215 but no record exists. In August 4-6, 2021, Trenergy became operator (with Maverick Energy Group 50% partner) and tested the Breckinridge and Hope Limes for 3 days. Prior to testing these zones a plug or bridge plug was tagged at 2883', although Royal Texan reported setting a CIBP at 2400' following the initial test of the Penn Lime. The Breckinridge Lime was tested without stimulation at 2208-15 and swabbed slight oil and hydrocarbon gas. It is recommended this zone be retested, with perforations extended from 2200-05, 2207-11 and 2218-22, followed by acid stimulation recommended by Trenergy. The Hope Lime was tested 2102-2108 and stimulated with 1250-1500 gal. gelled acid at 225-250 gal. per foot. A small amount of oil and gas was recovered during swab runs. It is recommended that the Hope Lime be reperforated 2100-04, 2107-10 and 2118-22 and acid stimulated as recommended by Trenergy.

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