Maverick Energy Reports 36% Jump in Quarterly Income
Maverick Energy Group, LTD announced the results of its third quarter earnings. The gross revenue for the third quarter ending September 30, 2006 was approximately $1,174,000. The net income for the same period is approximately $201,000. The gross revenue is in excess of a 25% increase from the second quarter and the net income is a 36% increase over the second quarter net income.
"Maverick has experienced solid growth in its third quarter earnings and should continue to see an increase in quarterly gross revenue through the end of the year. Based upon the second and third quarter results, Maverick should meet or exceed its previously projected annualized gross revenue projection of $3,000,000 and its annualized net income projection of $400,000," stated Jim McCabe, CEO of Maverick.
Maverick Energy Group LTD is the operator of the "Big Foot Field" in West Texas originally developed by Royal Dutch Shell (RDS-A) and recently valued at approximately $19 million. It has approximately 300 wells in the field of which approximately 240 are presently revenue producing. Maverick is also the proprietary owner and operator of several producing natural gas fields and owns additional natural gas leases in West Virginia. The President of Maverick also serves as the Chief Financial Officer of Z2, LLC.
Operates 27 Offshore Rigs
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Company: Maverick Energy more info
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