Maverick Energy Group, LTD has announced 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.
"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," said Jim McCabe, CEO of Maverick Energy Group, LTD.
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