LEXINGTON, Ky., May 17 /PRNewswire/ -- Daugherty Resources (Nasdaq: NGAS)
announced today that it has reported a net income from operations of $985,916,
or $0.29 per share for the first quarter ended March 31, 2001. Profit was up
37% compared to the first quarter 2000, when profit was reported at $720,442.
Revenues were up 10% to $3.28 million compared to first quarter 2000 revenues
of $2.98 million.
The increase in revenues and net income over first quarter 2000 was due to
increased oil and gas production and operation revenues of $409,062 verses
$142,631. A total of 11 (2.8175 net) successful wells were drilled in the
first quarter and four of those wells were in production by March 31.
Daugherty expects gas production volumes to increase as the year continues as
a result of the additional wells coming on line. Net oil and gas production
increased 58% for the period to 85,425 MCFE (thousand cubic feet equivalents)
compared to 54,196 MCFE for the same period in 2000.
Earnings before interest expense, income taxes, depreciation, depletion
and amortization (EBITDA) for the period was $1.29 million compared to
$832,362 for the same period last year. Total debt decreased 4.6% to $5.16
million compared to $5.4 million the first quarter last year.
"We expect to drill at least 29 additional wells this year for a total of
40, a dramatic increase over the 24 wells drilled in 2000," stated President
William S. Daugherty. "Revenue from these additional wells will continue our
goals of increasing revenue and profits in 2001."
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.
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Related links:
http://www.daughertyresources.com
CONTACT:
Investor Relations of Daugherty Resources,
Inc., 859-263-3948, or fax, 859-263-4228, or e-mail,
ngas@daughertyresources.com
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