LEXINGTON, Ky., Dec. 2 /PRNewswire-FirstCall/ -- Daugherty Resources
(Nasdaq: NGAS) announced today plans to fund 140 wells in 2004 compared to a
total of 113 wells funded in 2003, for a 24% increase. The wells will be
located in the Appalachian Basin.
Total drilling funds raised for all 2003 drilling programs were $22.3
million compared to $8.775 million raised in 2002. Daugherty will have a 25%
working interest in 88 developmental wells and a 66% working interest in 25
exploratory wells that will be drilled on its Leatherwood Prospect.
Daugherty has drilled 43 of the 113 wells funded this year with a 100%
success rate. The remaining 70 wells will be drilled by March 30, 2004. In
2002, Daugherty funded a total of 39 wells, of which 29 were drilled in the
first quarter 2003, for a total of 71 drilled to date this year. Currently,
the company has five drilling rigs contracted to drill the remaining wells.
The wells will be located on Daugherty's prospects in the southern portion of
the Appalachian Basin. Wells in this area typically produce high quality, dry
natural gas for more than 25 years, and have low operating costs that provide
positive investment incentives.
William S. Daugherty, President & CEO, said, "The increase in investor
capital is directly related to higher natural gas prices and the success of
our recent drilling programs. Because we control 170,000 acres in the
Appalachian Basin, we have the ability to increase the number of quality
drilling locations 140 or more in 2004. We look forward to the increased
activity next year."
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
ngas@ngas.com
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