Former BHP Billiton petroleum chief Mike Yeager is making good on his vow to expand the investor base for ASX-listed Maverick Drilling and Exploration.The oil and gas junior has in recent days appointed Deutsche Bank to handle the depository receipts the company intends to make available to North American investors.Exposure to the US investment market was one of Mr Yeager's first promises when he took the reins at Maverick in October. The company has an unusual structure, with an Australian sharemarket listing supporting a business that has its headquarters and prime assets based in Texas.AdvertisementBy creating an ADR, Mr Yeager hopes to give Maverick a greater presence in its home territory.''We are going to try to do our best to appeal to this large US shareholder base that is untapped for Maverick,'' he said.Maverick has traditionally been a drilling contractor to the oil and gas industry, but is now trying to become more vertically integrated, and has acquired some onshore oil and gas assets south of Houston upon which it plans to work the rigs it owns.Mr Yeager, who spearheaded BHP's $US20 billion ($22 billion) push into onshore oil and gas in the US, was hired in October to lead Maverick's evolution into oil and gas production.Mr Yeager's arrival saw the low-profile stock rise by close to 70 per cent, although much of that boom has since been deflated, with the stock fetching 42.5¢ on Friday.
FDM Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
