LEXINGTON, Ky., May 16 /PRNewswire-FirstCall/ --
Daugherty Resources (Nasdaq: NGAS) reported today it has net income of
$963,192, or $0.18 per share, for the first quarter ended March 31, 2002. Net
Income was down $22,724 compared with the first quarter 2001 net income of
$985,916.
Total revenues were up 22% to $4.0 million compared with first quarter
2001 revenues of $3.277 million. Contract drilling increased 23% to $3.48
million compared with $2.8 million for the same period last year. Earnings
before interest expense, income taxes, depreciation, depletion and
amortization (EBITDA) for the period were $1.16 million compared with $1.29
million for the same period last year.
Oil and gas production for the period increased 10% to 80,759 Mcfe
(thousand cubic feet of gas equivalent) from 73,547 Mcfe for the same period
last year, however, oil and gas revenues were down 34% to $235,551 from
$315,691 because of lower oil and gas prices.
"The increase in oil and gas production was a direct result of successful
drilling program wells that went on line in the last quarter of 2001 and the
first quarter 2002. However, none of the high volume wells we reported on the
May 1, 2002 news release were included in this production quarter," said
William S. Daugherty, President and CEO. "Our net production should increase
by 25% when all 17 wells drilled in the first quarter of 2002 are on line by
the third quarter of this year."
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
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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