LEXINGTON, Ky., Nov. 28 /PRNewswire/ -- Daugherty Resources (Nasdaq: NGAS)
announced today its financial results of the third quarter ended September 30,
2001. Third quarter gross revenues were up $127,643 to $1.649 million
compared to $1.521 million for the same period last year. Net loss was
$131,379 for the quarter compared to a loss of $392,730 for the same period
last year. Profit for the nine-month period ending September 30, 2001 was
$53,258, however, EBITDA (earnings before interest, depletion, depreciation,
taxes and amortization) for the nine-month period was $1.1 million.
For the third quarter oil and gas production revenues increased 56.4% to
$343,268, up $123,797 from $219,471 generated for the same period last year.
Net production increased 30.4% to 76,818 MCFE for the third quarter.
For the nine-month period ending September 30, 2001, Daugherty Resources
drilled 16 natural gas wells (4.2 net wells), with a 100% success rate. On
November 5, 2001, Daugherty closed a 15 well drilling program. Four wells in
this program were drilled in the third quarter, and three additional wells
have been drilled to date in the fourth quarter, all successful. Currently,
Daugherty is marketing two natural gas drilling programs to close by year-end
that, if fully funded, will allow up to 25 additional wells to be drilled in
which Daugherty will retain 25% working interest in each well drilled.
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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