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Maverick Energy Group Announces Profit of $73,669 for Second Quarter of Fiscal 2007
Maverick Energy Group Announces Profit of $73,669 for Second Quarter of Fiscal 2007.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group Announces Profit of $73,669 for Second Quarter of Fiscal 2007 \n\n\nTULSA, OK - August 15, 2007 - Maverick Energy Group, LTD (Other OTC: MKGP) is pleased to announce operating results for the second quarter and first six months of fiscal year 2007, ending June 30th. The Company reports a gross profit of $255,001 during the second quarter and of $466,702 for the six-month period.\n\nMaverick's revenues for the three and six-month periods rose sharply from $934,589 and $934,589 respectively to $4,553,543 and $7,874,159 over the same periods from 2006. These dramatic increases were accompanied by a corresponding increase in expenses. Still, the company showed a net profit of $73,669 for the second quarter and $87,100 for the first six months.\n\n\"We are very proud of the progress and growth Maverick is making quarter after quarter. Our numbers continue to reinforce the fact that we are a company that focuses on fundamentals and core growth. Although we currently derive a significant amount of revenue from our duties as drilling operator for Z2 and the Big Foot field, we will continue to investigate and pursue outside exploration and drilling opportunities that allow us to diversify our holdings and revenue streams while boosting profits in the quarters and years to come,\" says Jim McCabe, CEO of Maverick Energy Group, LTD. \n\n\"Despite adverse weather conditions over the last couple of quarters that dictated slowdowns in our drilling operations in the Big Foot field, Maverick is still showing a very healthy net profit. These conditions, together with the fact that we did not start any new outside drilling operations in this timeframe, temporarily kept us from posting profits as large as we would have liked for the first six months of 2007. Drilling is already ramping back up in Big Foot and our plans also include another outside drilling program in the coming months which should both have very positive impacts on our revenues and bottom line for the foreseeable future,\" continues 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 and financial services industries. Maverick Energy is the Operator of the ...