SOURCE: Maverick Energy Group, LTD

May 15, 2008 13:14 ET

Maverick Energy Group Announces First Quarter 2008 Net Profit Increase of 750% Over Same Quarter 2007

First Quarter 2008 Revenues Double Over Q1 2007

TULSA, OK--(Marketwire - May 15, 2008) - Maverick Energy Group, LTD (PINKSHEETS: MKGP) is pleased to announce operating results for first quarter of fiscal year 2008, ending March 31st.

Maverick's revenues for the three-month period increased dramatically from $3,320,616 to $6,482,108 for the first quarter of 2008 over the same three-month period of 2007, representing an increase of over 100 percent in revenues in the first quarter year over year. Maverick also reports that for the first quarter of 2008, the company's net profit was $101,761. This represents a same quarter increase of approximately 750 percent over the company's first quarter in 2007.

"We are pleased to continue building upon two years of profitability and growth with the first quarter's profits and to be able to report positive revenues, profit and operating cash flow and a significant decline in the ratio of debt to total assets. Our performance over the last few quarters demonstrates that our strategy of entering lower risk, high potential drilling programs where we act as the operator is working. We are confident that our outlook for 2008 is strong and that we are on track to deliver on our goal of consistent and profitable growth that builds long term shareholder value," says Jim McCabe, CEO of Maverick Energy Group, LTD.

"As reported in the last edition of our 'Drill Bits' newsletter, we have been working diligently to boost drilling and/or production in both the Big Foot Field in Texas and on our leases in West Virginia. These operations are reflected positively in our financials over the last few quarters. The additional revenues we have realized from our operations have also helped to boost our cash reserves by just over 400 percent over the same quarter last year, thus allowing Maverick the luxury to seek out even more promising drilling and exploration prospects. All of this should benefit Maverick and its shareholders for years to come," adds McCabe.

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: or

This release includes forward-looking statements, which are based on certain assumptions and reflect 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, which include 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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