Business
Maverick Energy Group, LTD
Maverick Energy Group, LTD.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"Maverick Energy Group, LTD (MKGP.PK) (Maverick) is pleased to announce the results of its third quarter earnings. The gross revenue for the third quarter ending September 30, 2006 was approximately $1,174,000. The net income for the same period is approximately $201,000. The gross revenue is in excess of a 25% increase from the second quarter and the net income is a 36% increase over the second quarter net income. \r\n\r\n\t\"Maverick has experienced solid growth in its third quarter earnings and should continue to see an increase in quarterly gross revenue through the end of the year. Based upon the second and third quarter results, Maverick should meet or exceed its previously projected annualized gross revenue projection of $3,000,000 and its annualized net income projection of $400,000.\" stated Jim McCabe, CEO of Maverick.\r\n\r\n\t \r\n\r\n Maverick Energy Group LTD is the operator of the \"Big Foot Field\" in West Texas originally developed by Royal Dutch Shell (RDS-A) and recently valued at approximately $19 million. It has approximately 300 wells in the field of which approximately 240 are presently revenue producing. Maverick is also the proprietary owner and operator of several producing natural gas fields and owns additional natural gas leases in West Virginia. The President of Maverick also serves as the Chief Financial Officer of Z2, LLC.\r\n\r\nFurther information can be found at http://www.maverickenergygroup.com/\r\nor www.pinksheets.com or \r\n\r\nPlease contact:\r\nInvestor relations\r\[email protected]\r\n1-918-280-7781\r\n\r\n\r\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 products and ser...