Maverick Drilling & Exploration Limited announced audited consolidated earnings and production results for the year ended June 30, 2013. For the period, the company reported revenue from continuing operations of USD 27,462,000 compared to USD 22,247,000 for the same period a year ago. Profit before income tax was USD 7,187,000 compared to USD 9,281,000 for the same period a year ago. Profit from continuing operations was USD 3,769,000 or 0.8 cents per basic and diluted share compared to USD 6,605,000 or 1.7 cents per basic and diluted share for the same period a year ago. Profit attributable to owners of the company was USD 3,769,000 or 0.8 cents per basic and diluted share compared to USD 6,605,000 or 1.7 cents per basic and diluted share for the same period a year ago. Net cash inflow from operating activities was USD 9,477,000 compared to USD 11,819,000 for the same period a year ago. Payments for property, plant and equipment was USD 5,385,000 compared to USD 4,263,000 for the same period a year ago. Payments for exploration and evaluation assets were USD 456,000 compared to USD 500,000 for the same period a year ago. Payments for oil and gas assets were USD 26,195,000 compared to USD 16,230,000 for the same period a year ago. Adjusted EBITDA was USD 20,184,000 compared to USD 14,905,000 for the same period a year ago. Net debt was USD 34,737,000 against USD 10,530,000 a year ago. The decrease in profit before income tax of USD 2,094,000 is in part a factor of the increase in operational capacity which has been built to allow the group to effectively develop its oil assets.

The group drilled 65 new wells on Blue Ridge Dome, 11 new wells on Boling Dome and 8 new wells on Nash Dome during the period. In addition, the group drilled its first test on its Edwards Reef Prospect acreage. The group had one further drilling rig and two additional workover rigs that were not in operation at this date. Of the Blue Ridge and Nash wells drilled, a number targeted internally identified seismic anomalies. Three particular Blue Ridge Dome wells required drilling through the Vicksburg and Jackson formations to reach their target depths. As a percentage of the total wells drilled on Blue Ridge Dome since the early 1900's, very few have been successfully drilled through the Vicksburg and Jackson formations. The first of these, the Zivley #100 encountered an over pressured formation at 4,714 feet and blew out. A new strategy was adopted to drill the Zivley #100R which was not successful with drilling stopped at 4,187 feet. The third of these deep seismic based wells, the West Schenck #616 was successfully drilled to the target depth, with this considered a milestone in the Blue Ridge drilling program. The combination of successful techniques used on the West Schenck #616 included setting surface casing to approximately 2,000 feet, running intermediate casing into the Vicksburg and Jackson formations, building mud weight to almost 15 pounds and using a brine based mud system. The West Schenck #616 also successfully drilled through 500 feet of salt. A further three tests principally targeting seismic anomalies were undertaken with the West Schenck #618 and Nash Dome Groce #305 and #185. The Nash wells did not encounter any hydrocarbons, while the West Schenck #618 had 3 oil bearing zones with 1 coring oil productive however this well was plugged after testing.