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/ CORRECTION - Maverick Energy Group, LTD
(Marketwire Via Acquire Media NewsEdge) TULSA, OK, August 20 / MARKET WIRE/ --
In the news release, "Maverick Energy Group
Announces First Quarter 2008 Net Profit Increase of 97% Over Same Quarter
2007" issued earlier today by Maverick Energy Group, LTD (PINKSHEETS: MKGP), we are advised by the company that the headline should read
"Maverick Energy Group Announces Second Quarter 2008 Net Profit Increase of
97% Over Same Quarter 2007" rather than "Maverick Energy Group Announces
First Quarter 2008 Net Profit Increase of 97% Over Same Quarter 2007" as
originally issued. Complete corrected text follows.
Maverick Energy Group Announces Second Quarter 2008 Net Profit Increase of
97% Over Same Quarter 2007
Six-Month Profits Nearly Triple
TULSA, OK -- August 20, 2008 -- Maverick Energy Group, LTD (PINKSHEETS: MKGP) is pleased to announce operating results for second quarter of fiscal
year 2008, ending March 31st.
Maverick's revenues for the three-month period increased significantly,
going from $4,553,543 in the second quarter of 2007 to $5,928,734 for the
second quarter of 2008 over the same three-month period of 2007,
representing an increase of approximately 30 percent in revenues in the
second quarter year over year. Maverick also reports that for the second
quarter of 2008, the company's net income was $145,529 as compared to
$73,669 in the same quarter last year. This represents a same quarter
increase of approximately 97 percent over the company's same quarter in
2007.
Maverick's revenues for the six months ended June 30, 2008 were
$12,410,842, up approximately 57 percent from $7,874,159 for the first six
months of 2007. Net income for the six months was also up approximately
190 percent, going from $87,100 during the first six months of last year to
$256,290 for the first two quarters of 2008.
"Once again, the management of Maverick Energy Group is pleased to announce
increasing revenues and net profits for both the most recent three and
six-month periods. We believe that through continued concentration on
low-risk, high-reward drilling programs and efficient operating procedures,
we can continue to grow Maverick and further build upon the strong
foundation we already have in place. Our outlook for the coming year looks
very promising as we expand our lease holdings and increase our well count
in areas such as Doddridge and Harrison counties, West Virginia. As
mentioned in the latest edition of our Drill Bits newsletter, available on
our website, we have identified over 30 drilling sites on our newest leases
and plan on commencing drilling on the first five of those sites in the
near future. These new drilling programs, which we will operate ourselves,
coupled with ongoing oil and gas from our existing wells and revenues from
our operations in the Big Foot Field in Texas should ensure solid growth
for the company for the foreseeable future," says Jim McCabe, CEO of
Maverick Energy Group, LTD.
About Maverick Energy Group, LTD
Maverick 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 the oil & gas and
financial services industries. Maverick Energy is the Operator of the "Big
Foot Field" in Texas, which was originally developed by Royal Dutch Shell
(RDS-A). The Big Foot Field has approximately 310 production wells in the
field, of which approximately 225 are presently revenue producing.
Drilling operations in the Big Foot Field are being funded through a
$40,000,000 Advancing Credit Facility which Z2, LLC closed with Gasrock
Capital, LLC in August of 2006, amended to $75,000,000 in November of 2007.
Maverick is also the part owner of several producing natural gas wells in
West Virginia and owns additional natural gas leases in West Virginia. The
President of Maverick also serves as Chief Financial Officer of Z2, LLC.
For more information on Maverick Energy, please visit the company's website
at: 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:
Tony Drake
Phoenix IR Associates
281-579-1602phoenix-ir@earthlink.net
Copyright ? 2008 Marketwire
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