1p reserves double to 102 million barrels, page-2

BOLING STUDY EXCEEDS EXPECTATIONS –COMPANY WIDE PROVEN (1P) OIL RESERVES DOUBLE TO 102 MILLION BARRELS


The Directors of Maverick Drilling & Exploration Limited (ASX: MAD) are pleased to announce a significant increase in Maverick’s independently evaluated oil reserves following completion of an initial reserve study of our Boling Dome holdings and additions to Blue Ridge and Nash Dome reserve categories. Key highlights:

? 1P - PROVEN RESERVES MORE THAN DOUBLE WITH BOLING ADDITION. Proved oil reserves (1P) for Boling came in at 52,695,216 net oil barrels –Maverick company wide 1P reserves increase from 50.6 million, as disclosed in the 13 January 2012 release, to 102.3 million net barrels.

? 2P RESERVES INCREASE FROM 115 MILLION TO 192 MILLION BARRELS. Proved and probable reserves (2P) for Boling were independently evaluated at 77,358,136 million net oil barrels – increasing Maverick’s total 2P net reserves to approximately 192.2 million net barrels.

? 3P RESERVES COMPANY WIDE INITIAL STUDY - APPROXIMATELY 344 MILLION BARRELS. Proved, probable and possible reserves (3P) for Boling were independently evaluated at 97,913,827 million net oil barrels. Initial 3P reserves on Blue Ridge of 145,434,238 and Nash of 101,016,981 bringing Mavericks total 3P interest to 344,365,046 net barrels.