LEXINGTON, Ky., Oct. 27 /PRNewswire/ -- Daugherty Resources (Nasdaq: NGAS)
announced today that it is acquiring 50% working interest in 24 natural gas
wells in Knox County, Kentucky from Ken-Tex Oil and Gas.
When the transaction is completed, Daugherty Resources will have issued
$425,000 in restricted common stock, valued at $2.22 per share, for
1.2 billion cubic feet (BCF) of natural gas reserves. Of the 1.2 BCF of
reserves, approximately 0.7 BCF is in the proved developed producing category.
Daugherty will also operate the properties.
"The acquisition of these gas wells will continue our strategy of
increasing our revenue base," said Daugherty Resources President William S.
Daugherty. "Our goal is to aggressively seek out acquisitions in our areas of
interest and to develop our existing properties." The Company holds 30,000
acres for development drilling in the Appalachian Basin.
Daugherty Resources is a natural resources development company with
interests in oil and gas development, wood products manufacturing and gold
mining prospects.
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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Company News On-Call:
http://www.prnewswire.com/comp/115373.html or fax,
800-758-5804, ext. 115373
CONTACT:
William S. Daugherty, President of Daugherty
Resources, Inc., 606-263-3948 or fax, 606-263-4228
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