May 23, 2017 8:00 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Freedom Oil and Gas Ltd

Company Overview

Freedom Oil and Gas Ltd, a development stage company, engages in the exploration and production of oil and gas in the United States. It holds a 100% interest in approximately 8,000 acres of undeveloped land located in the Eagle Ford shale play, South Texas. The company was formerly known as Maverick Drilling & Exploration Limited and changed its name to Freedom Oil and Gas Ltd in November 2016. Freedom Oil and Gas Ltd was founded in 2007 and is headquartered in Houston, Texas.

5151 San Felipe

Suite 800

Houston, TX 77056

United States

Founded in 2007

11 Employees

Phone:

832-783-5700

Key Executives for Freedom Oil and Gas Ltd

Executive Chairman and Chief Executive Officer
Age: 63
Total Annual Compensation: $1.1M
Compensation as of Fiscal Year 2016.

Freedom Oil and Gas Ltd Key Developments

Freedom Oil and Gas Initiates the Drilling of its First Horizontal Eagle Ford Shale Well

Freedom Oil and Gas Ltd. announced that it has commenced the drilling of the first well on its Dimmit County, Texas acreage targeting the Eagle Ford Shale. The well, Wilson BE #1, is the first of two wells to be drilled by Patterson-UTI Drilling Company LLC, Rig 266. The two wells will be drilled consecutively from the same surface site over approximately the next 30 to 40 days. The Wilson BE #1 well will initially be drilled as a vertical pilot hole through the full Eagle Ford formation, which is approximately 400 feet thick in this portion of Dimmit County. Special well logging, side wall cores and petrophysical analysis will be taken from this vertical pilot hole. After this analysis is complete the well will be converted to a horizontal well in the selected Eagle Ford formation interval. The second well, Wilson BE #2, will be drilled subsequently as a horizontal Eagle Ford well with no pilot hole. Once both wells are drilled, the wells will be hydraulically fractured using advanced completion techniques.

Freedom Oil and Gas Ltd. Secures 100% Working Interest in 9,300 Net Acres in Dimmit County, Texas

Freedom Oil and Gas Ltd. announced that it has now secured a 100% working interest in 9,300 net acres in Dimmit County, Texas for the development of the Eagle Ford shale formation. The company continues to work to lease additional adjacent acreage toward its goal of initially capturing over 10,000 acres in the county. In preparation for drilling Freedom's first Eagle Ford shale formation wells, the company has broken ground on the site to be used for the drilling of the first two horizontal wells. The drilling pad and road are expected to take about two weeks to build. Also under construction is the water supply and associated equipment that will be used for the drilling and hydraulic fracturing of these first two wells. The drilling rig contracted with Patterson-UTI Drilling Company LLC is expected to begin drilling these first two wells for Freedom, following the completion of the drilling program for a nearby operator that is now expected to be finalized in early May.

Freedom Announces Management Changes

Freedom Oil and Gas Ltd. announced that Howard K. Selzer, Chief Financial Officer, will be leaving the Company on March 3, 2017. Lloyd V. DeLano, Freedom's Accounting Manager will have responsibility for the company's accounting and finance related activities. Lloyd has been with the company for over two years, has a complete understanding of financial activities and will continue to lead finance team.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 19, 2016
Maverick Drilling and Exploration Limited, Blue Ridge Field
Merger/Acquisition
September 21, 2016
7,000 Net Contiguous Acres in the Eagle Ford
 

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