COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Maverick Energy Group, LTD Announces Preliminary 4th Quarter Financial Information
SAN ANTONIO, TX, Mar 07, 2007 (MARKET WIRE via COMTEX) -- Maverick Energy Group, LTD (PINKSHEETS: MKGP) (Maverick) is pleased to announce the preliminary results of its fourth quarter earnings. The gross revenue for the fourth quarter ending December 31, 2006 was approximately $2,865,000 with a gross profit of approximately $385,000. The net income for the same period is approximately $230,000. The gross profit is an 89% increase from the third quarter and the net income is a 14% increase over the third quarter net income. Maverick will issue the final fourth quarter financial statements before the end of March.
"Maverick's gross revenue for the first nine months in operation has exceeded its annualized projection of $3,000,000 by 66% and its annualized net income projection of $400,000 by 47%," stated Jim McCabe, CEO of Maverick. "Management is very excited about the opportunities for Maverick in 2007 and beyond."
Maverick Energy Group LTD is the Operator of the "Big Foot Field" in Texas originally developed by Royal Dutch Shell (RDS-A). It has approximately 300 production wells in the field of which approximately 240 are presently revenue producing. Maverick is also the part owner of several producing natural gas wells and owns additional natural gas leases in West Virginia. The President of Maverick also serves as Chief Financial Officer of Z2, LLC.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Further information can be found at http://www.maverickenergygroup.com/
or www.pinksheets.com or please contact:
SOURCE: Maverick Energy Group LTD
CONTACT: http://www.maverickenergygroup.com/ http://www.pinksheets.com