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Maverick Energy Group Announces Preliminary 4th Quarter Financial Information
Maverick Energy Group Announces Preliminary 4th Quarter Financial Information.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces Preliminary 4th Quarter Financial Information\n\nMaverick Energy Group, LTD (MKGP.PK) (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.\n\n\t\"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.\"\n\n\tMaverick 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. \n\nFurther information can be found at http://www.maverickenergygroup.com/ \nor www.pinksheets.com or \n\nPlease contact: \nInvestor relations \[email protected] \n1-918-280-7781 \n\n\nThis 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 pro...