Maverick Minerals Corporation - Exhibit 10.7 - Filed by newsfilecorp.com







 

	
       


	PRESS RELEASE



	
  Maverick secures $2,400,000.00 Financing for Texas Oil and Gas Drilling
  Program 

  
	
  Drilling of Initial Test Well scheduled for November 2010




HOUSTON, TX. September 20, 2010 – Maverick Minerals
Corporation (OTC.BB: MVRM) (hereafter “Maverick” or “the Company”) is
pleased to announce that it has secured a non-revolving term loan in the
principal amount of $2,400,000 required to commence development of the Company’s
initial test well on its Farm-Out property located in southwest Texas.

The initial test well is designed to target the Wilcox Trend, a
vast depositional sand zone with a history of prolific natural gas and
condensate production. The Company intends to reach the primary target in the
“Middle Wilcox” at a depth of between 12,500 and 13,500 feet. 

Maverick has negotiated a turn-key drilling contract for its
initial test well in which the Company is guaranteed development to its planned
total depth. The Company believes that this commitment offers the best possible
security to its shareholders during the development of the initial test well.


Mr. Robert Kinloch, President and CEO of Maverick Minerals
Corporation commented on the development financing by stating, “This
financing will allow us to commence development of the project while retaining
the vast majority of the Working Interest for our shareholders. Significant
effort has gone in to assembling our professional Texas based team that will
drill and test our acreage in this prolific, oil and gas producing region of
southwest Texas. We look forward to providing further development updates as
they become available.”

 Maverick continues to negotiate with other
  interested parties that wish to commit to funding further development and
  drilling on this project.

ABOUT MAVERICK 

Maverick Minerals Corporation is an exploration stage company
engaged in the acquisition, exploration, and development of prospective oil and
gas properties in Texas. The Company currently owns a 100% Working Interest in a
70% NRI (Net Royal Interest) on 4,530 acres of prospective oil and gas producing
land in southwest Texas.

Legal Notice Regarding Forward-Looking Statements 

This news release contains “forward-looking statements”. Any
statements that express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance (often, but not
always, through the use of words or phrases such as “will likely result,” “are
expected to,” “will continue,” “is anticipated,” “estimated,” “intend,” “plan,”
“projection,” “could,” “vision,” “goals,” “objective” and “outlook”) are not
historical facts and may be forward-looking and may involve estimates,
assumptions and uncertainties which could cause actual results or outcomes to
differ materially from those expressed in the forward-looking statements. Such
forward-looking statements include, among others, the expectation and/or claim,
as applicable, that: (i) the Company’s anticipated 2010 drilling program is
expected to target the Wilcox Trend; (ii) that the Company will be targeting the
middle Wilcox Trend to a depth of between 12,500 and 13,500 feet; (iii) that
Maverick continues to negotiate with other interested parties that wish to
commit to funding further development and drilling on the project; (iv) that
Maverick intends to drill the initial test well in November, 2010. 









Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Factors that could cause actual results to differ materially include misinterpretation of data,
inaccurate estimates of oil and natural gas reserves, the inability to obtain the necessary approvals for the further exploration and development of all or any of the Company’s prospects; the continued significant demand for oil and gas; risks
inherent in the oil and gas industry;  the number of competitors in the oil and gas industry with greater technical, financial and operations resources and personnel; uncertainty about requirements demanded by environmental agencies relating to the
Company’s projects, the Company's ability to raise further financing for operations on acceptable terms, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other
issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data;  the Company's ability to hire and retain qualified employees and consultants; the fact that the
Company’s properties are located adjacent to producing wells in the area provides no assurance that producing wells will be found and put into production by the Company; and the fact that there is no certainty that any commercial quantities of
oil or gas will be found or recoverable. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. Readers should also refer to the
Company’s current annual report or other filings, which are available at www.sec.gov for additional discussion of risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. 


This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of Maverick and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such
offering, solicitation or sale would be unlawful.