Don Henrich, Maverick Drilling

Morgans Senior Adviser Krista Walter spoke to Don Henrich, Executive Chairman of Maverick Drilling in November 2012, covering Maverick's background, the Gulf South Holding partnership and the company's plans for the next 12 months:

Key points

  • MAD is a drilling and exploration company with assets located in Texas, United States
  • The primary assets include three salt domes south west of Houston
  • MAD has identified 2700 drilling sites on its fairways and has 102mmbbls of 1P reserves assigned to its acreage. Typical fairway wells flow at 10-20bopd.
  • MAD has recently identified over 65 high impact targets on its acreage, which are defined as having the potential to materially increase both reserves and production if successful
  • An announcement was made recently about the signing of a non-binding MOU with Gulf South Holding Inc.
  • Gulf South Holding drills and operates oil and gas wells for its own account and also sponsors oil and gas drilling investment limited partnerships and joint ventures to third-party investors. If signed, the agreement would give Gulf South the right to participate in the joint development of 400 or more wells, at a rate of 12 per month.
  • According to the MOU, Gulf South would pay US$250k per well to MAD for a 25% interest in the drilling, completion and the production facility costs associated with each well.  MAD would retain operatorship of the wells. Further detail is available in the MAD ASX announcement dated 3 Oct 2012

More information

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