MKGP - Another profitable quarter............
Thursday, November 29, 2007
Maverick Energy Group Announces Soaring Revenues and a Profit of $208,417 for Third Quarter of Fiscal 2007
TULSA, OK -- (MARKET WIRE) -- 11/29/07
Maverick Energy Group, LTD (PINKSHEETS: MKGP) is pleased to announce operating results for the third quarter of fiscal year 2007, ending September 30th. In the last quarter, Maverick reports a gross profit of $470,001.
Maverick's revenues for the three-month period rose dramatically to $6,437,405 for the third quarter of 2007 from $1,173,936 in the same three-month period of 2006, representing an over 500 percent increase in revenues in the third quarter year over year.
For the first nine months of 2007, Maverick reports revenues of $14,311,564, which is a major increase over the $2,108,525 the company reported in revenues for the same period in 2006.
"We continue to experience dramatic revenue growth quarter over quarter, year over year largely to the ramped up drilling operations we oversee with Z2 LLC. Because the margins on this work are not extremely large, our net profit has not grown anywhere near as fast as our revenues up to this point. However, now that Z2 has finally reached profitability and we can start booking a percentage of those profits along with profits we should see from our West Virginia wells, we anticipate that our net profit margin should start increasing beginning next quarter. These factors are solid indications that we are quickly moving in the right direction and should make it much harder for the investment community to ignore Maverick in the future," says Jim McCabe, CEO of Maverick Energy Group, LTD.
"As we recently announced, Gasrock Capital, LLC has increased its funding of the Z2 LLC drilling program from $40,000,000 to $75,000,000. This bodes very well for the Z2 partners and Maverick in particular since Maverick acts as the drilling operator for Z2 and the Big Foot field. Maverick recently completed its first 22-well workover program for Z2, LLC (Z2), as well as the drilling of 6 PUDs. Drilling operations in Big Foot and the revenues Maverick can expect to receive from them, as well as our growing operations in West Virginia, should continue to help drive our growth for the foreseeable future," continues McCabe.
About Maverick Energy Group, LTD
Maverick Energy Group LTD, based in Tulsa, OK, is engaged in the domestic exploration and production of crude oil and natural gas. Its management team has over 150 combined years of experience in the oil & gas and financial services industries. Maverick Energy is the Operator of the "Big Foot Field" in Texas, which was originally developed by Royal Dutch Shell (RDS-A). The Big Foot Field has approximately 310 production wells in the field, of which approximately 225 are presently revenue producing. Drilling operations in the Big Foot Field are being funded through a $40,000,000 Advancing Credit Facility which Z2, LLC closed with Gasrock Capital, LLC in August of 2006, amended to $75,000,000 in November of 2007. Maverick is also the part owner of several producing natural gas wells in West Virginia and owns additional natural gas leases in West Virginia. The President of Maverick also serves as Chief Financial Officer of Z2, LLC. For more information on Maverick Energy, please visit the company's website at: www.maverickenergygroup.com or www.pinksheets.com.
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.
Contact:
Tony Drake
Phoenix IR Associates
281-579-1602
phoenix-ir@earthlink.net
AI
