SOURCE: Maverick Energy Group, LTD

November 20, 2008 08:45 ET

Maverick Energy Group Announces Third Quarter 2008 Revenues of $3,466,956

Long-Term Debt Cut Nearly in Half While Cash Reserves More Than Double

TULSA, OK--(Marketwire - November 20, 2008) - Maverick Energy Group, LTD (PINKSHEETS: MKGP) is pleased to announce operating results for third quarter of fiscal year 2008, ending September 30, 2008.

Maverick's revenues for the three-month period were $3,466,956, a decrease from the previous quarter's revenues of $5,928,734. The decrease was primarily due to a temporary slowdown in drilling operations in the Big Foot Field in Texas due to Z2's temporary focus on restructuring its debt. As a member of Z2, we encouraged this process. At the same time, the company was successful in lowering its long-term debt from $214,080 in the third quarter of 2007 to $120,901 in the third quarter of 2008, representing a reduction of approximately 43 percent. Maverick also increased its cash reserves by over $250,000 in the past year, going from $502,691 at the end of the third quarter of 2007 to $789,485 at the end of the third quarter of 2008.

"Maverick is in a very strong position for continued growth. Although the third quarter numbers reflect a one-time decrease in revenues and profitability, we find ourselves in a very positive cash position that should prove extremely beneficial as we continue our push into attractive low-risk, high-reward drilling programs. It is important to note that although we never like interrupting our stellar pattern of progressively higher revenues and earnings, we determined that by taking advantage of the current economic conditions to renegotiate our debt, we have emerged an even stronger company than we were just six months ago. We anticipate leveraging this strength into furthering our existing drilling operations as well as examining our options for both short and long-term expansion and growth of the company. These developments should make for a very exciting time for Maverick Energy and its shareholders," 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 240 are presently revenue producing. 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: or

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.

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