Business
Maverick Energy Group Announces Soaring Revenues and a Profit of $208,417 for Third Quarter of Fiscal 2007
Maverick Energy Group Announces Soaring Revenues and a Profit of $208,417 for Third Quarter of Fiscal 2007.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"TULSA, OK - November 29, 2007 - Maverick Energy Group, LTD (Other OTC: 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.\n\nMaverick'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. \n\nFor 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. \n\n\"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. \n\n\"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 far 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. \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...