LEXINGTON, Ky., July 8 /PRNewswire-FirstCall/ -- NGAS Resources
(Nasdaq: NGAS) has been named the fastest growing public oil and gas company
by the Oil & Gas Financial Journal for the fourth quarter ended December 31,
2003. Results were published in the Journal's 2004 Second Quarter Edition,
which lists the 20 fastest growing companies based on percentage of growth in
shareholder equity. Excluded from the list are limited partnerships, newly
public companies, and subsidiaries. For the comparison period of fourth
quarter 2003 verses fourth quarter 2002, NGAS' stockholder equity grew 314%
and net income increased 266%, while long-term debt increased only 18%.
The comparison companies evaluated in the article are those published in
the Oil & Gas Journal's most recent annual OGJ200 (Oil & Gas Journal,
September 15, 2003, page 44). Out of 138 public firms, NGAS ranked 92nd by
total assets for fourth quarter 2003 verses 115th for the year 2002. In fourth
quarter 2003 rankings compared to the other 137 firms, NGAS ranked 75th in
stockholder equity, 80th in total revenue, 76th in net income, and 86th in
capital and exploration spending.
NGAS Resources (formerly named Daugherty Resources, Inc.) is a natural
resources company focused on natural gas development drilling and reserve
growth. Based in Lexington, Kentucky, the company specializes in developing
its own geological prospects concentrated in the Appalachian Basin.
Additional information about the company is available at its
website, 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 and prospects. Actual
performance and prospects 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 ongoing drilling initiatives 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 NGAS Resources
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Related links:
http://www.ngas.com
CONTACT:
Media, Teresa Barnes, +1-859-263-3948, or
Cell, +1-303-521-4080, or Investor Relations, Michael P.
Windisch, CFO, +1-859-263-3948, or fax, +1-859-263-4228, or
ngas@ngas.com, both of NGAS Resources
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