LEXINGTON, Ky., May 25 /PRNewswire-FirstCall/ -- DAUGHERTY RESOURCES, INC.
(Nasdaq: NGAS) today announced that it has closed its initial 2004 drilling
partnership. The Company raised $10.5 million in partnership funds to finance
70 percent of 50 natural gas wells on its prospects in the southern
Appalachian Basin. Daugherty Resources funded 30 percent of the wells. After
the partnership receives 110 percent of its investment, Daugherty's working
interest will increase from 30 percent to 45 percent in the 50 wells.
"This partnership raise helps us continue our 2004 drilling at a record
pace," stated William S. Daugherty, President & CEO. "During 2004, we have
drilled 67 successful partnership wells. Our increased ownership in this
drilling program will positively affect our long-term gas and oil revenue."
Daugherty Resources plans a 90 well year-end drilling partnership that
will be introduced June 1. The Company will fund 30 percent of the wells
which will be drilled on its prospects in the southern Appalachian Basin.
Daugherty Resources is a natural resources company focused on natural gas
development drilling and reserve growth. Based in Lexington, Kentucky, the
Company specializes in developing geological prospects concentrated in the
Appalachian Basin. Additional information about the Company is available
at http://www.ngas.com .
This Release includes forward looking statements within the meaning of
Section 21E of the Securities Exchange Act relating to matters such as
anticipated operating and financial performance, business prospects,
developments and results of the company. Actual performance, prospects,
developments and results may differ materially from anticipated results due to
economic conditions and other risks, uncertainties and circumstances partly or
totally outside the control of the company, including risks of production
variances from expectations, volatility of product prices, the level of
capital expenditures required to fund drilling operations and the ability of
the company to implement its business strategy. These and other risks are
described in the company's periodic reports filed with the United States
Securities and Exchange Commission.
SOURCE Daugherty Resources, Inc.
 back to top
Related links:
http://www.ngas.com
CONTACT:
William S. Daugherty, President and CEO of
Daugherty Resources, Inc., +1-859-263-3948, or fax,
+1-859-263-4228, or e-mail, ngas@ngas.com
|
