Business
Maverick Energy Group Announces First Quarter 2008 Net Profit Increase of 750% Over Same Quarter 2007
Maverick Energy Group Announces First Quarter 2008 Net Profit Increase of 750% Over Same Quarter 2007.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces First Quarter 2008 Net Profit Increase of 750% Over Same Quarter 2007\n\nFirst Quarter 2008 Revenues Double Over Q1 2007\n\n\nTULSA, OK - May 15, 2008 - Maverick Energy Group, LTD (Other OTC: MKGP) is pleased to announce operating results for first quarter of fiscal year 2008, ending March 31st. \n\nMaverick's revenues for the three-month period increased dramatically from $3,320,616 to $6,482,108 for the first quarter of 2008 over the same three-month period of 2007, representing an increase of over 100 percent in revenues in the first quarter year over year. Maverick also reports that for the first quarter of 2008, the company's net profit was $101,761. This represents a same quarter increase of approximately 750 percent over the company's first quarter in 2007. \n\n\"We are pleased to continue building upon two years of profitability and growth with the first quarter's profits and to be able to report positive revenues, profit and operating cash flow and a significant decline in the ratio of debt to total assets. Our performance over the last few quarters demonstrates that our strategy of entering lower risk, high potential drilling programs where we act as the operator is working. We are confident that our outlook for 2008 is strong and that we are on track to deliver on our goal of consistent and profitable growth that builds long term shareholder value,\" says Jim McCabe, CEO of Maverick Energy Group, LTD.\n\n\"As reported in the last edition of our Drill Bits newsletter, we have been working diligently to boost drilling and/or production in both the Big Foot Filed in Texas and on our leases in West Virginia. These operations are reflected positively in our financials over the last few quarters. The additional revenues we have realized from our operations have also helped to boost our cash reserves by just over 400 percent over the same quarter last year, thus allowing Maverick the luxury to seek out even more promising drilling and exploration prospects. All of this should benefit Maverick and its shareholders for years to come,\" adds McCabe\n\nAbout Maverick Energy Group, LTD \n\nMaverick 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 an...