In a statement released today, Pinnacle Group/Maverick Energy (PGPU.PK OTC Pink Sheets) President Richard Bednar said he expects Maverick Energy to enjoy record growth this year.
With oil prices above $70.00 per barrel 3 consecutive days ($75 Today), it is our expectation that revenues and earnings for PGPU will increase significantly over the next 12 months.
"Presently our costs remain relatively flat, while our margins are expected to increase with the continuous climb in the price of crude", Mr. Bednar added.
"Some refiners are still getting back up to capacity since Hurricane Katrina, this coupled with the geopolitical situation in the middle east and what is predicted to be another violent hurricane season in the southeastern and gulf state regions in the U.S. I really can not see crude going below $60 per barrel any time soon. It is my estimation it is more likely to go to much loftier levels based on present supply before it would break $60," further stated Mr. Bednar.
Mr. Bednar completed his statements with, "There are many positive developments happening at PGPU and I believe it will prove to be a very exciting year for our shareholders."
Maverick Energy is the operator of the 'Big Foot Field" in West Texas originally developed by Royal Dutch Shell (RDS-A) as well as proprietary owner and operator of several natural gas fields in West Virginia.
PGPU is a publicly held holding company formed for purchase and acquisitions that best appreciates shareholder value that recently acquired all the assets and liabilities of Maverick Energy Group.
Further information can be found at www.pinnaclegli.com or http://www.maverickenergygroup.com/
or www.pinksheets.com
This 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; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For further information, please contact:
Chris Lopez
Maverick Energy Investor Relations
918-280-7781
lopez@maverickenergygroup.com
Source: Pinnacle Group Unlimited Inc.
Maverick Energy Group Inc.