Business
PGPU Announces Preliminary Financial Information for April
PGPU Announces Preliminary Financial Information for April.
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"\r\nPGPU / Maverick Energy Group (PGPU.PK) is pleased to announce the results of its first month of operations since the acquisition of Maverick Energy Group's assets and liabilities. The gross revenue for April was $278,000 as compared to the gross revenue of the predecessor company (Maverick Energy Group) in April, 2005 of $225,000. This represents an increase of 23.5%. The net income for PGPU / Maverick Energy Group for April, 2006 was in excess of $30,000 as compared to April, 2005 net income of the predecessor company of $2,600.\r\n\r\n\"PGPU / Maverick is very pleased with April's operating results. With the profit from its interest in Z2, LLC, acquired in late April, and the drilling program revenues, gross and net income are expected to exceed those realized by the predecessor entity for the remainder of 2006,\" stated Jim McCabe, CEO of Maverick.\r\n\r\nBased on these preliminary numbers PGPU/Maverick Energy Group is projecting gross revenue to exceed $750,000.00 in the second quarter and net income to exceed $100,000.00, with projected annualized revenues of $3,000,000.00 and annualized net income projected at $400,000.00 based on a $60 barrel of oil.. \r\n\r\n\r\nPGPU/Maverick Energy is the operator of the 'Big Foot Field\" in West Texas originally developed by Royal Dutch Shell (RDS-A) recently valued at $19 million it has approximately 300 wells in the field of which about 200 are presently revenue producing. \r\nPGPU/Maverick is also proprietary owner and operator of several producing natural gas fields and owns approximately 50 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\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 commerci...