Maverick Drilling and Exploration Limited (ASX:MAD)
has told the Australian Securities Exchange (ASX) it should prove to be an exciting year for the company and its shareholders.
Updating the market on its high impact drilling program the oil and gas explorer and producer has detailed developments across its flagship assets in Texas.
Executive Chairman Don Henrick says the company is pleased to have broken the code on drilling through the Vicksburg and Jackson sections, which have caused difficulties and delays prior to the latest test.
Mr Henrick says the drilling breakthrough now opens up additional drilling the company has been planning on many high impact targets on and around the Blue Ridge and Nash oil fields.
Maverick Drilling and Exploration's stock surged 227 per cent over the 2012 calendar year but has taken a steep tumble in past months following disappointing drilling results.
Maverick Drilling and Exploration reported a net profit of $996,726 million in the first half of the 2013 financial year.