AUSTIN, Texas, May 20, 2026 (GLOBE NEWSWIRE) -- MaverickX announced today that it has closed a strategic capital round with Chord Energy, the largest exploration and production company in the Bakken. In addition, MaverickX has secured additional investment Olive Tree Capital, an existing MaverickX investor.
The strategic investment will support continued development and optimization of PetroX Boost™, MaverickX’s production enhancement solution designed to increase oil recovery from shale wells. As part of the investment, Chord has committed to multiple early field deployments of PetroX Boost across its operated assets.
Chord Energy is actively evaluating PetroX Boost as a potential solution to address one of shale’s core challenges: lower recovery factors, where a sizable portion of hydrocarbons remain trapped underground despite modern completion techniques.
“We are constantly evaluating the newest technologies in the market, and PetroX from MaverickX is one of the more promising solutions we’ve seen,” said Jason Swaren, Senior Vice President of Production at Chord Energy. “PetroX has a real chance to materially impact recovery factors in shale, and we are excited to invest in and work with MaverickX as they advance this technology in the field. It is one of the more unique solutions I have seen.”
MaverickX’s early results with PetroX Boost on core samples have increased recovery factors by up to 20%. PetroX Boost is engineered and intended to enhance production from existing wells by increasing hydrocarbon mobility and improving reservoir performance – a critical opportunity in mature shale plays where incremental recovery can drive outsized returns. It’s an advanced permeability enhancer for tight formations, breaking down illite, smectite, and other silicate clays responsible for swelling and flow restriction in shale reservoirs.
“This investment validates the need for new, scalable technologies that can unlock more value from existing wells,” said Eric Herrera, CEO and Co‑founder of MaverickX. “Having Chord Energy – one of the most technically sophisticated operators in the Bakken – team up with us strategically is a powerful endorsement of PetroX Boost and our broader technology platform. Coupled with Olive Tree’s continued support, this round positions MaverickX for its next phase of commercial scale‑up.”
Beyond capital, the collaboration with Chord provides MaverickX with direct operational collaboration, data feedback, and deployment opportunities that will accelerate product optimization and commercialization.
“This round was intentionally structured as strategic capital,” said Jesse Evans, COO and Co‑founder of MaverickX. “Chord brings not only investment, but deep operational expertise and real‑world deployment opportunities that help us refine PetroX Boost faster and more effectively. With recovery factors in shale still remarkably low, we believe PetroX Boost can play a meaningful role in reshaping how producers think about production enhancement and long‑term value creation.”
This funding builds on recent milestones for MaverickX, including expanded production capacity (announced its new production facility in Pleasanton, Texas, earlier this month) and accelerating commercial demand for its PetroX product line across multiple oil‑producing basins.
For more information about MaverickX visit: MaverickX.com.
To learn more about the PetroX product line, visit: https://www.maverickx.com/oil-gas.
About MaverickX
MaverickX is an Austin, Texas-based technology company developing advanced chemistry and enzymatic solutions to decarbonize and modernize resource extraction. MaverickX is focused on turning stranded and depleted wells into productive, low-impact sources of both hydrocarbons and critical metals by combining PetroX with LithX green chemistry extraction platform.
About Chord Energy
Chord Energy Corporation is an independent exploration and production company with quality and sustainable long-lived assets primarily in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com.
Media Contact
Tad Druart
Pierpont Communications
(512) 448-4950
tdruart@piercom.com
