LEXINGTON, Ky., March 15 /PRNewswire/ --
Daugherty Resources (Nasdaq: NGAS) announced today the completion of a
high volume Maxon Sandstone gas well. The Huber-EREC #65 open flowed 1.55
MMCF and is located in a previously undrilled area of Daugherty's 14,000-acre
farmout located in Knox County, Kentucky. The total depth of the well is
2,704 feet.
The #65 is the second well on the farmout to encounter commercial
quantities of natural gas in the Maxon Sandstone, although a total of 41 wells
have been successfully completed in other formations. The Company expects the
#65 well to be on line by April 1, 2001. Daugherty owns 24% working interest
in the well.
"While we are pleased with the results of this well, we are more excited
about the potential size of this Maxon Reservoir," said President and CEO
William Daugherty. "This well was a step out and we have several promising
drilling locations."
The Huber-EREC #65 well was drilled in one of the three drilling programs
that the Company sponsored at the end of 2000. To date during 2001, Daugherty
has drilled eleven wells, all successful gas wells.
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.daughertyresources.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
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Related links:
http://www.daughertyresources.com
CONTACT:
William S. Daugherty, President of Daugherty
Resources, 859-263-3948, or fax, 859-263-4228, or e-mail,
ngas@daughertyresources.com
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