Business
Maverick Energy Group, LTD Announces 2nd Quarter Earnings
Maverick Energy Group, LTD Announces 2nd Quarter Earnings.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"\tMaverick Energy Group, LTD (MKGP.PK) (Maverick) is pleased to announce the results of its second quarter earnings. The gross revenue for the second quarter ending June 30, 2006 was approximately $935,000. Then net income for the same period is approximately $147,000. \r\n\r\n\t\"Maverick is very pleased with the second quarter results. With the revenue now being received on the 4 West Virginia wells which were drilled earlier in the year and the commencement of the rework and drilling program at the Big Foot Field in Texas, Maverick should see a continuing increase in its net income for the second half of 2006. This coupled with the continued maintenance of the price of oil at about $60 per barrel place Maverick in a good position for Maverick's continued growth,\" stated Jim McCabe, CEO of Maverick.\r\n\r\n\tMaverick Energy Group LTD (formerly Pinnacle Group Unlimited, Inc) is the Operator of the \"Big Foot Field\" in Texas originally developed by Royal Dutch Shell (RDS-A) and recently valued at approximately $19 million. It has approximately 300 production wells in the field of which approximately 240 are presently revenue producing. PGPU/Maverick is also the part owner of several producing natural gas wells and owns additional natural gas leases in West Virginia. \r\n\r\nFurther information can be found at http://www.maverickenergygroup.com/\r\nor www.pinksheets.com\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 services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; incl...