Business
Maverick Energy Group Announces a Profit of $252,481 for Fourth Quarter and of $547,998 in Annual Profits for Fiscal 2007
Maverick Energy Group Announces a Profit of $252,481 for Fourth Quarter and of $547,998 in Annual Profits for Fiscal 2007.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces a Profit of $252,481 for Fourth Quarter and of $547,998 in Annual Profits for Fiscal 2007\n\nFourth Quarter and Year-end Revenues Increase Over 500% from 2006\n\n\nTULSA, OK - March 14, 2008 - Maverick Energy Group, LTD (Other OTC: MKGP) is pleased to announce operating results for both the fourth quarter and twelve month fiscal year 2007, ending December 31st. \n\nMaverick's revenues for the three-month period increased dramatically from $2,460,101 to $9,741,087 for the fourth quarter of 2007 over the same three-month period of 2006, representing an increase of over 500 percent in revenues in the fourth quarter year over year. Maverick's year-end revenues also increased more than 500 percent from $4,568,626 to $24,052,651. The company's fourth quarter revenue growth continued to be on par with the growth it experienced in the third quarter of 2007. \n\nMaverick also reports that for the fourth quarter of 2007, the company's net profit was $252,481 and its net profit for the year was $547,998. This means that the company has reported net profits for two years in a row.\n\n\"As our fourth quarter report and annual numbers show, Maverick's revenues continue to climb. This is due largely to the increased activity and production within the Big Foot field in Texas. We are very pleased to announce that the limited liability company that jointly owns the Big Foot leases, Z2 LLC, in which Maverick holds approximately 11.5 percent interest, has finally reached full profitability. As we further build on the drilling program within the Big Foot field, the revenues we derive from the partnership's increasing profits should also grow accordingly. We believe that as the Z2 LLC leases in the Big Foot field continue to mature, the Z2 affiliation should yield strong oil and gas profits for Maverick for years to come. This should help the company to post desirable numbers for the foreseeable future,\" says Jim McCabe, CEO of Maverick Energy Group, LTD.\n\n\"Maverick's success has not only been in the areas of revenues and profits. Over the past year we have increased our available cash holdings by nearly $450,000. At the same time, we have been able to significantly improve our current asset to current debt ratio as well, taking it from approximately .8 to 1 to right at 1 to 1. Because of all of these factors, we b...