LEXINGTON, Ky., Sept. 17 /PRNewswire/ --
Daugherty Resources (Nasdaq: NGAS) today announced that its Board of
Directors has authorized the repurchase of up to two percent of the Company's
outstanding common stock on the open market.
This authorization to repurchase shares was enabled by the Emergency Order
issued by the SEC on September 14, 2001, which grants temporary relief with
respect to certain SEC rules governing issuer stock repurchases. Accordingly,
Daugherty Resources' authorization to repurchase its shares will terminate
concurrent with the termination of effectiveness of the SEC's Emergency Order
at the end of the fifth business day after the reopening of trading in U.S.
markets. If the SEC extends the effective period of this Emergency Order, the
Company's share repurchase authorization will be extended for the same period
of time. The timing and amount of shares, if any, actually repurchased during
the authorized period will be determined in management's discretion and will
depend on market conditions.
Based in Lexington, Kentucky, Daugherty Resources is a natural resources
development company with interests in oil and gas development and gold mining
prospects. The Company's oil and gas drilling and operating efforts are
primarily focused in the Appalachian Basin where its infrastructure includes
170 natural gas wells, gas gathering systems and a natural gas utility
subsidiary. 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
Exchange Commission.
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, gas@ngas.com
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