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perhaps you could sticky note the post.
the yahoo board is fairly active, also.
it could be added to the ibox
good to see you take the mod role
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_D/forumview?bn=25120
This board and myself truely appreciate your due diligence.
I think you are absolutely correct in your assumption.
start with Note 10 here:
http://www.sec.gov/Archives/edgar/data/746834/000095012310073329/l40439e10vq.htm
at the onset of 24 months in May 2010, the reduced note became convertible. According to the 8-K, this could continue through
November, which may be enough to convert fully. Conversion doesn't necessarily mean the new stock is being sold by the institutional noteholder. Often noteholders will short the stock in an effort to lower their conversion price which increases the number of shares they receive.
http://www.sec.gov/Archives/edgar/data/746834/000095012310090462/l40792e8vk.htm
See how the price drop started in May, which is exactly when
the note became convertible. Judging by the volumes on the chart
and the corresponding down days, we can ballpark estimate that
it should be getting close to full conversion of the 28 million
dollars.
When the noteholder is finished converting, whether they are
selling for cash or shorting, the stock will no longer be under pressure and can begin to reflect an equity closer to the book
value. Total assets over liabilities is $117 million. At current o/s of 40m that is $2.92/sh. If this completion of conversion corresponds with an increase in natural gas contract spot, the
stock will rally hard.
Since I need to be updated. When do you think the seller will find their peace?
I totally agree with the cold weather and the need for natural gas. I do own ETP.
the current spot price of NG isn't helping anyone
in the sector. as the colder weather approaches
we can expect inventories to decrease, sending the spot
price and futures up. That will help this stock.
If NG can get over 5 this stock should head over $2 again.
The balance sheet is great here.
NGAS Resources is an independent exploration and production company focused on unconventional natural gas plays in the eastern United States, principally in the southern Appalachian Basin. Core assets include over 360,000 acres with interests in approximately 1,400 wells and an extensive inventory of horizontal drilling locations. NGAS also operates the gas gathering facilities for its core Appalachian properties, providing deliverability directly from the wellhead to the interstate pipeline.
Our gas transmission and compression expenses, as well as capitalized costs for this part of our business, have been substantially reduced from our sale of the Appalachian Gathering System. Our remaining infrastructure position consists of 100% interests in the gas gathering facilities for our Haley's Mill and Kay Jay fields, 50% interests in our Haley's Mill and Rogersville processing plants and a 25% interest in the gathering system for our non-operated Arkoma properties. Our gas transmission, compression and processing expenses will continue to reflect this reduction in our infrastructure asset base.
Production Profile, Volumes and Prices. Our Appalachian wells produce high quality natural gas at low pressures with little or no water production. As of December 31, 2009, the reserve life index of our estimated proved reserves, representing the ratio of reserves to annual production, was 19.7 years overall and approximately 13.5 years for our proved developed producing reserves, based on annualized fourth quarter production.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
http://biz.yahoo.com/e/100930/ngas8-k.html
Item 3.01 Notice of Delisting or Failure to Satisfy a Continuing Listing Rule or
Standard; Transfer of Listing
On September 27, 2010, we received a deficiency letter from the staff of the Nasdaq Stock Market, confirming that the company is not in compliance with the $1.00 minimum bid price requirement for our common stock under Nasdaq Listing Rule 5459(a)(1). The deficiency letter and the grace periods for regaining compliance with the minimum bid price standard are described in a press release included as an exhibit to this report and incorporated herein by reference. The bid price deficiency has no effect on the listing or trading of our common stock on the Nasdaq Global Select Market at this time.
In anticipation of the bid price deficiency, we obtained waivers from holders of our amortizing convertible notes that will allow us to continue paying monthly amortization installments on the notes in NGAS common shares through November 2010. Additional waivers will be required for subsequent installment payments in our common stock if the bid price deficiency remains uncured. Item 9.01. Financial Statements and Exhibits
(d) Exhibits. An Exhibit Index is attached to this report and incorporated herein by reference.
http://biz.yahoo.com/e/100930/ngas8-k.html
Jun 29, 1998 last split date. The reason I post this statistic is that we could see a reverse split to shore up the share price.
NGAS drowning at $0.69. How low can it go is the question?
I will have to get updated. A little more reading is the answer.
if you read the filings, the reason why NGAS is struggling under 1.00 is that there is a stipulation in one of their debt agreements which allows the debtor to take common stock instead
of cash for loan payment..
structurally and financially this co is very sound
and undervalued..
I have watched NGAS for years. I would like to see institutional holdings on ngas when they become updated. Looks to me a seller has alot of shares with little buying support in their favor.
limit order was set at 50 dma did not get there
this share was in .80's for long time.... so everybody tried to take profit, when its going up... that's why it went down to .85...
I still believe that this will go up again and test the .90 resistance tomorrow... if its able to break, then we are can see 1$ for sure. IMHO
How come you didn't sell when it hit almost .912 today. I think its coming back to .81ish and then going up. Thasts just what the charts tell me.
Im here...bought in the other day at .80....
NGAS Resources Advances Weir Oil and Gas Development
Today : Thursday 23 September 2010
NGAS Resources, Inc. (Nasdaq:NGAS) announced today that its first horizontal Weir test well is ready to be placed on pump, and its second horizontal Weir test well will be treated September 27th with a 12-stage foam frac. Drilled in the Roaring Fork field to a vertical depth of 3,600 feet, the horizontal portion on the second well extends 2,500 feet.
The horizontal leg on the first test well was drilled 2,040 feet and treated with a 10-stage water frac. It will be placed on pump and connected to the natural gas gathering system around October 1st. Oil storage facilities are already set. The company expects to discuss 30-day production results at its third quarter earnings conference call.
"We are very encouraged with the initial oil and gas shows during clean up from our first horizontal Weir test well," commented William S. Daugherty, President and CEO of NGAS Resources. "Given the success of this well and our substantial undeveloped acreage in the Roaring Fork and Amvest fields, we plan to develop the Weir horizontally after completing the second test well, which had impressive oil and gas shows during drilling." Mr. Daugherty added, "We have a long and successful history producing this formation vertically. Drilling the Weir horizontally should contribute higher proportions of crude oil to our production mix."
The Weir sandstone is the primary producing formation in the Roaring Fork field on the Kentucky and Virginia border, where approximately 500 Weir wells are producing both oil and natural gas. In the Amvest field to the southwest, NGAS has 78 producing vertical Weir wells. The formation ranges from 170 to 180 feet in thickness in the area. NGAS has over 70,000 undeveloped acres in these two fields and plans to develop the Weir horizontally with 100-acre spacing upon successful completion of the second test well. The company is permitting four additional horizontal Weir wells for drilling this winter.
About NGAS Resources
NGAS Resources is an independent exploration and production company focused on unconventional natural gas plays in the eastern United States, principally in the southern Appalachian Basin. Core assets include over 360,000 acres with interests in approximately 1,400 wells and an extensive inventory of horizontal drilling locations. NGAS also operates the gas gathering facilities for its core Appalachian properties, providing deliverability directly from the wellhead to the interstate pipeline.
The NGAS Resources, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7617
Safe Harbor Statement
This press release contains "forward-looking statements," which are based on management's expectations and are subject to risks and uncertainties that may cause actual results, outcomes, timing and performance to differ materially from those expressed or implied by those statements. These risks and uncertainties are discussed in the company's annual report on Form 10-K for the year ended December 31, 2009, as filed with the Securities and Exchange Commission.
CONTACT: NGAS Resources, Inc.
Michael P. Windisch, CFO
(859) 263-3948
Fax: (859) 263-4228
ngas@ngas.com
there is some news abt NGAS. thats why its moving up....
http://www.thestreet.com/story/10870011/1/ngas-resources-advances-weir-oil-and-gas-development.html
Normal volume for 22 days is 259,000. We are more then twice that today. Something could be up.
every one busy in buying shares..... :) seems no time to update here :D
Where is everyone? This thing looks likes its getting ready to bust out and no one is here to watch. Am I missing something?
it looks that way. Natural Gas has bottomed.
bids are large at .80
i feel its on bottom... .80 ready for the rebound !!!
NGAS still has a book value of $2.86 based on Shareholder's net equity divided by the o/s 117.3m/40.9m
they only have 12.5m lt debt, that is phenomenal considering
209m in total assets.
latest 10q
http://www.sec.gov/Archives/edgar/data/746834/000095012310073329/l40439e10vq.htm
NGAS 1.02.. Despite better reporting
Contract Drilling Revenue Increased 46%
Sequential Production Increased 7%
LEXINGTON, Ky., Aug. 5, 2010 (GLOBE NEWSWIRE) -- NGAS Resources (Nasdaq:NGAS - News) today reported second quarter 2010 total revenue of $13.9 million, compared to $14.7 million for the comparable quarter in 2009. Results for the quarter reflect a 46% increase in contract drilling revenue offset by lower production, lower commodity prices and third-party ownership of the Appalachian gas gathering system. Production of 0.9 million cubic feet equivalents (Mmcfe) in the quarter was up 7% from first quarter 2010.
For the quarter, the company reported a net loss of $1.1 million, compared to a net loss of $1.9 million in second quarter 2009. Loss per share in the quarter was $0.03, compared with a $0.07 loss per share in second quarter 2009. Discretionary cash flow per share was $0.01 in second quarter 2010 compared to $0.11 in the same period of the prior year. (A reconciliation of this non-GAAP measure is provided at the end of this release.)
William S. Daugherty, President and CEO, commented, "We are encouraged by the response to our 2010 drilling partnership, which was launched in April and is significantly ahead of last year's partnership sales. Sponsoring drilling partnerships has been a successful initiative for our business as it enables us to increase the pace of drilling, diversify our well portfolio, share development costs and expand reserves." Added Mr. Daugherty, "The partnership will participate with us in drilling up to 57 horizontal wells on our Appalachian properties through the end of March 2011."
Looks like it might be worth getting a partial position on some dips, just in case they hit a nice stash..
NGAS Resources, Inc. (Nasdaq:NGAS) announced today that it has set pipe on its initial horizontal Weir sandstone well in the southern Appalachian Basin. Vertical depth was 3,600 feet, with the horizontal portion extending 2,040 feet. Completion with a 10-stage water frac is scheduled for July. A second horizontal Weir well is being drilled, and NGAS is currently permitting another five horizontal Weir wells for drilling this fall.
Although the initial well has not been tested, it displayed significant oil and gas shows. This well offsets six NGAS vertical Weir wells that came on line in the early part of the year, which are producing both oil and natural gas.
The Weir sandstone in the area ranges from 170 to 180 feet thick. It is the primary producing formation in the Roaring Fork field on the Kentucky and Virginia border, where approximately 500 Weir wells are producing both oil and natural gas. In the Amvest field to the southwest, NGAS has 78 producing vertical Weir wells. NGAS has over 70,000 undeveloped acres in these two fields and plans to develop the Weir horizontally with 100-acre spacing upon successful completion of the initial test wells.
"We are very encouraged with the oil shows we saw during drilling," commented William S. Daugherty, President & CEO of NGAS Resources. "The ability to drill the Weir horizontally should allow us to develop the oil and gas from this payzone much more effectively. The flexibility to shift more of our production to crude oil at an attractive cost is a significant development for NGAS."
NGAS will have both horizontal Weir wells fraced in July. Well results will be discussed during its earnings conference call in early August. In addition to its Weir tests, the company has completed 55 horizontal Devonian shale wells with lateral legs extending as far as 4,500 feet throughout its Appalachian acreage. All 55 wells are connected and producing high Btu gas.
About NGAS Resources
NGAS Resources is an independent exploration and production company focused on unconventional natural gas plays in the eastern United States, principally in the southern Appalachian Basin. Core assets include over 400,000 acres with interests in approximately 1,400 wells and an extensive inventory of horizontal drilling locations. NGAS also operates the gas gathering facilities for its core Appalachian properties, providing deliverability directly from the wellhead to the interstate pipeline.
The NGAS Resources, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7617
Safe Harbor Statement
This press release contains "forward-looking statements," which are based on management's expectations and are subject to risks and uncertainties that may cause actual results, outcomes, timing and performance to differ materially from those expressed or implied by those statements. These risks and uncertainties are discussed in the company's periodic reports filed with the Securities and Exchange Commission. The information contained in this press release is believed to be current as of the date of original issue. The company will not necessarily update any of the forward-looking statements, except as required by law.
CONTACT: NGAS Resources, Inc.
Michael P. Windisch, CFO
(859) 263-3948
Fax: (859) 263-4228
ngas@ngas.com
WE ARE IN UPTREND HERE......Hammer
Hope so Go NGAS
NGAS down on warrant news. 1.23 looks like a good entry.
NGAS surfaced in this portfolio......
technical promise and management http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3734670 Page 3
glta
Good company--lack of oil revenue and poor Nat Gas price hurting this company--but did have a 20 cent jump in recent weeks.
Ibox updated...I bumped it ahead of a few others.
"Be kinder than necessary, for everyone you meet is fighting some kind of battle."
Looks like it has room to run.
Interesting price move here. ;)
"Be kinder than necessary, for everyone you meet is fighting some kind of battle."
Amended Statement of Ownership (SC 13G/A)
Date : 02/12/2010 @ 4:17PM
Source : Edgar (US Regulatory)
Stock : (NGAS)
Quote : 1.65 0.06 (3.77%) @ 3:50PM
- Amended Statement of Ownership (SC 13G/A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
NGAS RESOURCES INC
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
62912T103
(CUSIP Number)
December 31, 2009
(Date of Event which Requires Filing of Statement)
Check the appropriate box to designate the Rule pursuant to which
this Schedule is filed:
[x] Rule 13d - 1(b)
Rule 13d - 1(c)
Rule 13d - 1(d)
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.)
(Continued on following page(s)
Page 1 of 6 Pages
CUSIP NO. 62912T103 13G Page 2 of 6 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
T. ROWE PRICE ASSOCIATES, INC.
52-0556948
2 Check the Appropriate Box if a Member of a Group*
(a) ____
NOT APPLICABLE (b) ____
3 SEC Use Only
______________________________
4 Citizenship or Place of Organization
MARYLAND
Number of 5 Sole Voting Power
**
Shares 4,800
Beneficially 6 Shared Voting Power
**
Owned By Each -0-
Reporting 7 Sole Dispositive Power
**
Person 1,424,800
With 8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,424,800
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares*
NOT APPLICABLE
11 Percent of Class Represented by Amount in Row 9
4.6%
12 Type of Reporting Person*
IA
*SEE INSTRUCTION BEFORE FILLING OUT!
**Any shares reported in Items 5 and 6 are also
reported in Item 7.
CUSIP NO. 62912T103 13G Page 3 of 6 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
52-1575325
2 Check the Appropriate Box if a Member of a Group*
(a) ____
NOT APPLICABLE (b) ____
3 SEC Use Only
______________________________
4 Citizenship or Place of Organization
MARYLAND
Number of 5 Sole Voting Power
**
Shares 1,420,000
Beneficially 6 Shared Voting Power
**
Owned By Each -0-
Reporting 7 Sole Dispositive Power
**
Person -0-
With 8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,420,000
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares*
NOT APPLICABLE
11 Percent of Class Represented by Amount in Row 9
4.6%
12 Type of Reporting Person*
IV
*SEE INSTRUCTION BEFORE FILLING OUT!
**The aggregate amount reported on this page is also included in
the aggregate amount reported by T. Rowe Price Associates, Inc.
on page 2 of this Schedule 13G.
SCHEDULE 13G
PAGE 4 OF 6
Item 1(a) Name of Issuer:
Reference is made to page 1 of this Schedule 13G
Item 1(b) Address of Issuer's Principal Executive Offices:
120 PROSPEROUS PLACE, STE 201, LEXINGTON, KY 40509
Item 2(a) Name of Person(s) Filing:
(1) T. Rowe Price Associates, Inc. ("Price
Associates")
(2) T. Rowe Price Small-Cap Value Fund, Inc.
X Attached as Exhibit A is a copy of an agreement between
the Persons Filing (as specified hereinabove) that this
Schedule 13G is being filed on behalf of each of them.
Item 2(b) Address of Principal Business Office:
100 E. Pratt Street, Baltimore, Maryland 21202
Item 2(c) Citizenship or Place of Organization:
(1) Maryland
(2) Maryland
Item 2(d) Title of Class of Securities:
Reference is made to page 1 of this Schedule 13G
Item 2(e) CUSIP Number: 62912T103
Item 3 The person filing this Schedule 13G is an:
X Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
X Investment Company registered under Section 8 of the
Investment Company Act of 1940
Item 4 Reference is made to Items 5-11 on page 2 of this
Schedule 13G.
SCHEDULE 13G
PAGE 5 OF 6
Item 5 Ownership of Five Percent or Less of a Class.
Not Applicable.
X This statement is being filed to report the fact that, as
of the date of this report, the reporting person(s) has
(have) ceased to be the beneficial owner of more than five
percent of the class of securities.
Item 6 Ownership of More than Five Percent on Behalf of Another
Person
(1) Price Associates does not serve as custodian of the
assets of any of its clients; accordingly, in each
instance only the client or the client's custodian or
trustee bank has the right to receive dividends paid
with respect to, and proceeds from the sale of, such
securities.
The ultimate power to direct the receipt of dividends
paid with respect to, and the proceeds from the sale
of, such securities, is vested in the individual and
institutional clients which Price Associates serves as
investment adviser. Any and all discretionary
authority which has been delegated to Price Associates
may be revoked in whole or in part at any time.
Except as may be indicated if this is a joint filing
with one of the registered investment companies
sponsored by Price Associates which it also serves as
investment adviser ("T. Rowe Price Funds"), not more
than 5% of the class of such securities is owned by
any one client subject to the investment advice of
Price Associates.
(2) With respect to securities owned by any one of the T.
Rowe Price Funds, only State Street Bank and Trust
Company, as custodian for each of such Funds, has the
right to receive dividends paid with respect to, and
proceeds from the sale of, such securities. No other
person is known to have such right, except that the
shareholders of each such Fund participate
proportionately in any dividends and distributions so
paid.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company.
Not Applicable.
Item 8 Identification and Classification of Members of the Group.
Not Applicable.
SCHEDULE 13G
PAGE 6 OF 6
Item 9 Notice of Dissolution of Group.
Not Applicable.
Item 10 Certification.
By signing below I (we) certify that, to the best of my
(our) knowledge and belief, the securities referred to
above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the
issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect. T. Rowe Price
Associates, Inc. hereby declares and affirms that the
filing of Schedule 13G shall not be construed as an
admission that Price Associates is the beneficial owner
of the securities referred to, which beneficial
ownership is expressly denied.
Signature.
After reasonable inquiry and to the best of my (our)
knowledge and belief, I (we) certify that the
information set forth in this statement is true,
complete and correct.
Dated: February 12, 2010 Dated: February 12, 2010
T. ROWE PRICE SMALL-CAP T. ROWE PRICE ASSOCIATES, INC.
VALUE FUND, INC.
By: /s/ David Oestreicher By: /s/ David Oestreicher
David Oestreicher, David Oestreicher,
Vice President Vice President
Note: This Schedule 13G, including all exhibits, must be filed
with the Securities and Exchange Commission, and a copy
hereof must be sent to the issuer by registered or
certified mail not later than February 14th following
the calendar year covered by the statement or within the
time specified in Rule 13d-1(b)(2), if applicable.
12/31/2009
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G
T. Rowe Price Associates, Inc. (an investment adviser
registered under the Investment Advisers Act of 1940) and T. Rowe
Price Small-Cap Value Fund, Inc., a Maryland corporation, hereby
agree to file jointly the statement on Schedule 13G to which this
Agreement is attached, and any amendments thereto which may be
deemed necessary, pursuant to Regulation 13D-G under the
Securities Exchange Act of 1934.
It is understood and agreed that each of the parties hereto
is responsible for the timely filing of such statement and any
amendments thereto, and for the completeness and accuracy of the
information concerning such party contained therein, but such
party is not responsible for the completeness or accuracy of
information concerning the other party unless such party knows or
has reason to believe that such information is inaccurate.
It is understood and agreed that a copy of this Agreement
shall be attached as an exhibit to the statement on Schedule 13G,
and any amendments hereto, filed on behalf of each of the parties
hereto.
Dated: February 12, 2010 Dated: February 12, 2010
T. ROWE PRICE SMALL-CAP T. ROWE PRICE ASSOCIATES, INC.
VALUE FUND, INC.
By: /s/ David Oestreicher By: /s/ David Oestreicher
David Oestreicher, David Oestreicher,
Vice President Vice President
Skymark Research Initiates Independent Research Coverage on NGAS Resources, Inc.
February 12, 2010: 09:00 AM ET
CALGARY, Alberta, Feb. 12, 2010 (GLOBE NEWSWIRE) -- Skymark Research, a leading provider of small- and micro-cap independent investment research, today initiated coverage on NGAS Resources, Inc. (Nasdaq:NGAS). Skymark Research is currently offering a complimentary trial subscription. To view our research go to: www.skymarkresearch.com
About SMR:
Skymark Research is a leading provider of independent investment research in North America. Our services include research analysis on the small- and micro-cap markets, real-time news and financial data, market commentary and the SMR newsletter. Skymark Research's staff of small-cap investment professionals is dedicated to providing the small market's investment community with the tools and avenues necessary to make the important investment decisions. To view our research reports on a complimentary trial basis and take advantage of our other services, go to www.skymarkresearch.com and click on the complimentary trial subscription button on our home page, or go directly to our registration page at www.skymarkresearch.com/signup.php
The Skymark Research logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6683
About NGAS Resources, Inc. (Nasdaq:NGAS)
NGAS Resources, Inc. (Nasdaq:NGAS) is an independent exploration and production company focused on unconventional natural gas basins in the United States that support repeatable drilling opportunities, principally in the southern portion of the Appalachian Basin.
SMR Disclosure:
Skymarkresearch.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. Skymark Research has not been compensated by any of the above mentioned companies. Please read our report and visit our Web site, www.skymarkresearch.com, for complete risks and disclosures.
CONTACT: Skymark Research
Dylan Boyle
480-626-1911
info@skymarkresearch.com
NGAS was recommended by National Inflation Assoc. which I never heard of before but the stock soared yesterday. Could easily see 2 dollars today if the interest hasnt waned and the drawdown in Natural Gas storage is high which is to be released this morning. Could be biggest drawdown ever.
Came off the bottom of $1.36ish. Now $1.61 HOD. I had to add when it hit 1.36 and still think a push over $2.00 is achievable.
Back this the same range, 1.65, I think its ready for a bounce soon. Back over $2.00, got on radar
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Company Information:
NGAS Resources, Inc.
120 Prosperous Place
Suite 201
Lexington, KY 40509-1844
Phone: (859) 263-3948
Fax: 859-263-4228
Toll Free: 800.977.2363
Email: ngas@ngas.com
CIK
0000746834
NGAS Resources, Inc., is an independent exploration and production company focused on unconventional natural gas plays in the eastern United States, principally in the southern portion of the Appalachian Basin and the Illinois Basin. We specialize in generating our own geological prospects in this region, where we have established expertise and a long track record of success. Core assets include 77.9 billion cubic feet equivalents (Bcfe) of proved reserves, 400,000 acres and interests in 1,400 oil and gas wells. We operate the gas gathering facilities for our core Appalachian properties. This enables us to move approximately 90 percent of our gas production directly from the wellhead to interstate pipelines serving major east coast natural gas markets. We believe our extensive experience in this region, relationships with partners, suppliers and mineral interest owners, gives us competitive advantages in developing these resources to achieve annual volumetric growth and strong financial returns on a long-term basis.
Our business is structured to achieve capital appreciation through growth in our natural gas production and reserves. During 2008, we achieved record production of 3.7 Bcfe, up 13% from the prior year. We also increased our estimated proved developed reserves at the end of 2008 by 18.7% to 57 Bcfe, with an additional 21 Bcfe of proved undeveloped reserves. Our undeveloped acreage position of nearly 250,000 acres in the Appalachian Basin provides us with an extensive inventory of low-risk, repeatable drilling locations for future growth.
In 2008, we transitioned our drilling program from vertical to horizontal drilling which is enhancing the value proposition for our operated properties by substantially increasing our recovery volumes and rates at lower finding costs. We focused our horizontal drilling program in our core Leatherwood field, where we successfully completed 20 horizontal wells in 2008. Each well has a single lateral leg up to 3,500 feet through the lower Huron section of the Devonian shale formation, which is present throughout our Appalachian operating areas. Given our success in Leatherwood, we have expanded our horizontal drilling initiative to our other properties. In the first two months of 2009, we successfully completed three wells in our Fonde, Stone Mountain, and Straight Creek fields in southern Appalachia.
In August 2009, we sold a significant portion of our Appalachian gas gathering assets to Seminole Gas Company, our 50-50 joint venture partner in the Rogersville gas stripping facility. The gathering assets that we sold span approximately 485 miles through parts of southeastern Kentucky, eastern Tennessee and western Virginia. We will remain the operator of the pipeline long term. We also retained firm capacity rights of 30,000 Mcf/d ensuring that we are able to move our Appalachian gas production to market. By retaining firm capacity rights, we are also able to maintain our competitive advantages from control of regional gas flow and the ability to acquire undeveloped acreage near our core fields.
We follow a disciplined capital allocation process in selecting opportunities to expand our substantial inventory of drilling prospects that meet our criteria for predictable, long-lived reserves. Our goal is to consolidate our position in the Appalachian Basin, while diversifying our asset base with similar unconventional plays outside the basin. As part of this strategy, we are aggressively developing our New Albany shale play within the south central portion of the Illinois Basin in western Kentucky where we have successfully drilled 37 wells in our new field discovery, Haley’s Mill. We currently hold 46,000 acres there for development. To move the gas to market, our gas gathering system and processing facilities came on line in September 2008.
Management:
http://www.ngas.com/Management/tabid/56/Default.aspx
Press Releases:
http://www.ngas.com/PressReleases/tabid/55/Default.aspx
Filings:
Transfer Agent:
Computershare Trust Company of Canada Inc.
510 Burrard St.
Vancouver V6C 3B9
Canada
Share Structure:
coming
Investor Relations:
Email: ngas@ngas.com
Last update 2.13.2010
The moderator TechKim presently does not own any NGAS shares.
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