LEXINGTON, Ky., Jan. 22 /PRNewswire-FirstCall/ --
Daugherty Resources (Nasdaq: NGAS) announced today that 2002 year-end
drilling programs raised $8.775 million in investor capital (up 60% from
$5.5 million in 2001), allowing Daugherty to execute turnkey contracts for
39 wells compared to 26 wells in 2001. Daugherty will participate in a 25%
working interest in each well.
The majority of the wells will be located in Daugherty's Kay-Jay Field in
the southern portion of the Appalachian Basin. Wells in this area typically
produce for more than 20 years, produce high quality dry natural gas, and have
low operating costs that provide positive investment incentives.
To date, 15 of the 39 wells have been drilled with a 100% success rate,
including ten that were drilled by December 31, 2002. Daugherty drilled a
total of 27 wells in 2002, all of which were successful gas wells. Daugherty
anticipates that it will drill a minimum of 50 wells in 2003.
William S. Daugherty, President and CEO, commented, "Our success at
increasing drilling capital relates directly to the drilling success we have
experienced. In 2002, we had substantial reinvestment by investors that
participated in our previous programs. Our continuing goal is to
significantly increase our drilling programs in order to develop our large
acreage position in the Appalachian Basin."
Based in Lexington, Kentucky, Daugherty Resources is a natural resources
development company with interests in oil and gas development and gold mining
prospects. Additional information can be accessed on the Company's website at
http://www.ngas.com.
The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may prove not to
have been accurate. Those statements, and Daugherty Resources and its
subsidiaries are subject to a number of risks, including production variances
from expectations, volatility of product prices, the capital expenditures
required to fund its operations, environmental risks, competition, government
regulation, and the ability of the company to implement its business strategy.
These and other risks are described in the company's documents and reports
that are available from the company and the United States Securities and
Exchange Commission.
SOURCE Daugherty Resources, Inc.
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Related links:
http://www.ngas.com
CONTACT:
William S. Daugherty, President of Daugherty
Resources, Inc., +1-859-263-3948, or fax, +1-859-263-4228, or
e-mail, ngas@ngas.com
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