LEXINGTON, Ky., June 1 /PRNewswire-FirstCall/ -- DAUGHERTY RESOURCES, INC.
(Nasdaq: NGAS), today announced the completion of a four-mile, eight-inch
steel gathering line that connects its Straight Creek gas field in Bell and
Harlan Counties, Kentucky, to Duke Energy's natural gas gathering system in
southeastern Kentucky.
The pipeline is now in operation, initially connecting 18 wells that are
producing 2300 Mcfe per day. The Company plans to drill another 40 wells in
its 26,000-acre Straight Creek field during 2004.
"This new gathering line extension allows us to access new natural gas
markets on Duke Energy's East Tennessee gas system," said William S.
Daugherty, President & CEO. "With the new extension, the Company's net gas
production is initially increased by 500 Mcf per day. We are very excited
with our results in the Straight Creek field."
Daugherty Resources is the sole owner of this four-mile pipeline. The
Company has begun working on an 18-mile section of eight-inch steel gathering
line to be completed this year that will connect its Leatherwood Field to the
Duke Energy gathering system. Twenty-five wells have already been drilled at
Leatherwood. Daugherty Resources owns 67 percent interest in these 25 wells.
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.
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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 ngas@ngas.com
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