LEXINGTON, Ky., Nov. 19 /PRNewswire-FirstCall/ --
Daugherty Resources (Nasdaq: NGAS) reported that its oil and gas
production for the three-month period ended September 30, 2002 increased 11.6%
over the second quarter 2002. Oil and gas production in the third quarter was
107,846 Mcfe (thousand cubic feet equivalents) compared to 96,631 Mcfe in the
second quarter 2002. When compared to the third quarter 2001, production was
up 34.0% from 80,488 Mcfe.
For the nine-month period ended September 30, 2002 gross revenues
increased $352,939 to $5.435 million from $5.082 million for the nine months
ended September 30, 2001. Net income for the nine-month period ended
September 30, 2002 was $265,797, compared to a net loss of $190,742 for the
same period in 2001.
Third quarter revenues were down $445,032 to $1,068,548, when compared to
third quarter revenues for the same period last year of $1,513,580. The
decrease was mainly due to reduced contract drilling during the three months
ended September 30, 2002, when two (2) new wells were drilled, as compared to
five (5) wells drilled in same period a year ago. The net loss for the third
quarter was $319,392, or $0.06 per share, compared to a net loss of $207,629,
or $0.05 per share, for the same period last year.
For the three months ended September 30, 2002, oil and gas production
revenues, including the Company's interest in oil and gas drilling programs,
increased 91.2% to $320,453, from $167,599 for the same period a year ago.
This increase was attributable to additional production from new wells.
"We have drilled 23 successful natural gas wells this year that increased
our net production", said William S. Daugherty, President & CEO. "We intend
to drill another 24 wells between now and March 31, 2003, and anticipate that
year-end drilling programs will provide the majority of the capital required
to fund the wells." The Company will own 25% interest in each well.
Daugherty Resources' complete third quarter report for 2002, Form 10-QSB,
can be accessed on the web at http://www.sec.gov or by visiting the Company's website
at http://www.ngas.com.
Based in Lexington, Kentucky, Daugherty Resources is a natural resources
development company with interests in oil and gas development and gold mining
prospects. 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, ngas@ngas.com
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