LEXINGTON, Ky., April 9 /PRNewswire/ -- Daugherty Resources
(Nasdaq SmallCap: NGAS) today announced that Wright & Company, Inc. has
estimated the Company's net proved oil and gas reserves as of
December 31, 2000 at $20 million, based upon present value discounted 10%
(PV-10).
The $20 million value of the future net cash flows is compared to
$5.5 million value in 1999 in the table below. Prices used for this valuation
for 2000 ranged from $3.20 to $5.04 per MCF for natural gas and $23.25 to
$23.75 per barrel of oil, as compared to $2.46 to $2.78 per MCF and $23.75 per
barrel for 1999.
PV10 Value
Categories 2000 1999
Proven Developed Producing Reserves $6,205,685 $2,409,286
Proven Developed Not Producing Reserves 2,464,242 809,735
Proven Undeveloped Reserves 11,414,899 2,298,460
Total $20,084,830 $5,517,481
Total Proven reserves increased by 2.5 BCFE to 14.5 BCFE. Proven
developed reserves increased from 3.6 BCFE in 1999 to 4.9 BCFE in 2000, an
increase of 1.3 BCFE, more than four times the Company's net production in
2000. All proven reserves were calculated net to the Company's interest, and
probable and possible reserves were not calculated.
"We are very pleased with our 2000 reserve results," stated President
William S. Daugherty. "In 2000 the Company drilled 24 wells and we continue
to be aggressive in developing new reserves. Already this year we have
drilled 11 successful gas wells and have drilling programs planned for 14 new
gas wells this summer."
Wright & Company, Inc., based in Houston and Nashville, is an independent
petroleum consulting firm providing all aspects of property evaluations and
their financial significances. Their clients include major brokerage firms,
private and publicly traded companies, and financial institutions. More
information on Wright & Company can be obtained on their website at
http://www.wrightandcompany.com.
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, Inc.
 back to top
Related links:
http://www.daughertyresources.com
CONTACT:
William S. Daugherty, President of Daugherty
Resources, Inc., 859-263-3948, or fax, 859-263-4228, or e-mail,
ngas@daughertyresources.com
|
