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NGAS is taking a pretty big hit lately and the expected rally went the wrong way. Looks like its pretty much falling suit with the over all markets.
Happy Trading!
Sorts will cover by Fiday, It's about time the SEC has made a move. Financials wiull rall big also.
Insiders must have a grace period for filing the Form 4. 30 days or so, these filings always come later not before, when the selling or buying is occurring it comes as 2nd hand news.
Ngas Resources Inc - Statement of Changes in Beneficial Ownership (4)
Date : 09/03/2008 @ 10:37AM
Source : Edgar (US Regulatory)
Stock : Ngas Resources Inc (NGAS)
Quote : 5.14 -0.13 (-2.47%) @ 8:00PM
Ngas Resources Inc - Statement of Changes in Beneficial Ownership (4)
FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Expires: February 28, 2011
Estimated average burden
hours per response...
0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
BARR WILLIAM G III 2. Issuer Name and Ticker or Trading Symbol
NGAS Resources Inc [ NGAS ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director _____ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
Vice President
(Last) (First) (Middle)
120 PROSPEROUS PLACE, SUITE 201 3. Date of Earliest Transaction (MM/DD/YYYY)
9/2/2008
(Street)
LEXINGTON, KY 40509
(City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
common stock 9/2/2008 S 708 (1) D $5.9625 269336 (2) D
Same here, hitting some low of day pps currently.
Happy Trading!
looking for a major move on Weds into Thurs.
Im with ya. Grabed some on the dip this morning at 5.18 and 5.15. Currently trading $5.31 x $5.32
looking for this to rebound next week and take out 6.80
Getting close to the recent bottom. Current $5.17
Last time it touched $5.00 it popped pretty hard to $6.00
Trading at a recent low. $5.25
Hoping for a reversal from this range.
could as high as 10.00 depending on the damage to the pipelines and rigs.
Hello Fellow NGAS investors,
Nice to see a positive outlook here.
Holding long position at $5.64
Looking for $8 in the short term.
this board should be alive right now, Where are all the peeps that own this stock??????????????//
needs to break resistance at 6.30, then it flies
you haven't seen anything yet, nat gas contracts will be going limit up every day this week. I'm telling you ngas 10.00 by friday, shorties will help it along for sure.
I certainly like the recent action.
NGAS pre-market sales doing through already at 6.10
was in this stock when kATRINA HIT IN 2005 , MAD SOME MADE CASH!!!!
ngas will hit 10.00 before the eow.
there will be massive short covering on this stock in the next few days.
THIS BOARD should be making some noise, Ngas gonna make a monster move like it did 3- years ago. I WAS IN IT THEN. looking for a repeat.
"you!! can't handle the truth" Jack Nicholson, A Few Good Men.
I agree. The Insiders who sold when it was esclating in price and who were selling, even near the top, and made some substantial money from their sells are now buying, after the 10Q and after the PR of Barr. It appears that 4 bought on the presumption of it bottoming. This being said, the founder along with his key execs and their brokers are closely watching the price movements.
This is what the form 4 looks like just for Barr
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any
3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned
Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7.
Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
common stock 8/12/2008 A 10000 A $5.13
270044 (1) D
Table II - Derivative Securities Beneficially Owned ( e.g.
, puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security
3. Trans. Date 3A. Deemed Execution Date, if any
4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date
7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
(
1)
Includes 200,000 shares issuable upon exercise of vested stock options.
08/14/2008 3:04PM EDGAR (4) Statement of Changes in Beneficial Ownership
08/14/2008 2:57PM EDGAR (4) Statement of Changes in Beneficial Ownership
08/14/2008 2:53PM EDGAR (4) Statement of Changes in Beneficial Ownership
08/14/2008 2:53PM EDGAR (4) Statement of Changes in Beneficial Ownership
"Bubbles are Good For You !"
We are seeing some buying interset lately
Should be July and could not move foward and break resistance, there was a slight uptick in July and then it was in downward trend since, and before this occurred this sell happened. Then it turned all red.
1-Jul-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $9.25 per share. $6,549
17-Jun-08 BARR WILLIAM G III
Officer 50,000 Direct Automatic Sale at $9.50 per share. $475,000
"Bubbles are Good For You !"
I will check it out this afternoon. Take a look at this. Here is just some of the things occurring here. Back in May this Insider was selling this off. Now he has decided he wants back in repurchasing the shares he probably shorted. Even if this was not the case its an illustration of how much they are eyeing the movements of the stock, and making the decisions to buy an sell. What else is unfortunate is the fact they also know what is going on inside the company.
Approx $800K and this just for the Month of May or within a 3wk period of time. Then look at the chart and its steady decline following this and the month of June. Is this just a coincidence?. Something not quite right with this picture, his last sale got him out just in the nick of time, right at its peak. All red from that point on and throughout July, and he now thinks to time to repurchase.
WINDISCH MICHAEL P: Declared Holdings
Company/Relationship Reported Shares Ownership
NGAS RESOURCES INC
Officer
NasdaqGS:NGAS
(historical quotes, profile, SEC, other insiders) 12-Aug-08 206,200 Direct
Insider & restricted shareholder transactions reported over the last two years
12-Aug-08 10,000 NGAS Acquisition (Non Open Market) at $5.13 per share.
(Value of $51,300)
27-May-08 10,000 NGAS Automatic Sale at $9.30 per share.
(Proceeds of $93,000)
21-May-08 10,000 NGAS Automatic Sale at $8.65 per share.
(Proceeds of $86,500)
20-May-08 10,000 NGAS Automatic Sale at $8.55 per share.
(Proceeds of $85,500)
19-May-08 10,000 NGAS Automatic Sale at $8.40 per share.
(Proceeds of $84,000)
8-May-08 56,250 NGAS Automatic Sale at $8.07 per share.
(Proceeds of $453,937)
"Bubbles are Good For You !"
Gravy, I added you to the ALJ board as an assistant, if you do not want, let me kno.
I agree, still, I feel the stock is oversold.
Nor has a month gone by this year that he has not been selling stock.
So what is he saying in these comments?. Is he in fact stating that this should have a positive impact on the stock, and its performance?.
The thing that hurts stock and its performance is when insiders show a consistency in selling. Over the last 2 years not one has made a stock purchase, this is left for the shareholder, who in turn pays for their stock selling.
It would be more relevant if the insiders would have their salaries based on their performance and on the companies net income, and generate their salaries like everyone else has to do, Earn it, and let the company cut the check. If they are getting paid this way, and not from shareholders, it would have an impact on the companies bottom line, but not to the degree it has on the stock price. If their salaries were modest, and within some normal limits of even $100k to $150K a year this would be a nice income, depending on the companies performance, $200k to $300k would be superb, but what we continue to see are these millon and multi million dollar stock sales the people at the top believe they are worth and their right, they stockholders pay for in more ways than one, and this is all a part of causes for the stock prices decline. When this is seen by other investors they to begin to sell the stock off.
"Bubbles are Good For You !"
NGAS Reports Second Quarter 2008 and First Half Results
Thursday August 7, 4:05 pm ET
-- Earnings per Share were $0.06 in the quarter compared to ($0.03)
-- Oil and Gas Production at Record Level
-- 66 Percent Increase in Oil and Gas Revenue
LEXINGTON, Ky.--(BUSINESS WIRE)--NGAS Resources, Inc. (Nasdaq: NGAS - News) today reported a 33 percent increase in second quarter 2008 total revenue to $21.3 million compared to $16.1 million in the comparable quarter in 2007. This increase was primarily attributable to a 66 percent increase in oil gas production revenue reflecting a 23 percent increase in production volumes and higher commodity prices. Gas gathering, compression and processing revenue rose 34 percent in the period due to an increase in moving third party gas as well as increased liquids processing fees.
The Company reported net income of $1.5 million in second quarter 2008 compared with a net loss of $0.8 million in the same period of the prior year. Earnings per share were $0.06 in the current period compared to a per share loss of $0.03 in second quarter 2007. Discretionary cash flow was $6.7 million or $0.24 per share in second quarter 2008 compared to $3.0 million or $0.14 per share. (A reconciliation of this non-GAAP measure is provided at the end of this release.)
William S. Daugherty, President and CEO of NGAS Resources commented, "Our strong second quarter performance reflects the contributions from our horizontal drilling program which enabled us to deliver record production.” Mr. Daugherty added, “Based on the performance of our initial horizontal wells we plan to drill 20 such wells in the Devonian Shale this year and as many as 50 next year.”
"Bubbles are Good For You !"
Insider Transactions:
NET SHARE PURCHASE ACTIVITY
Insider Purchases - Last 6 Months
Shares Trans
Purchases N/A 0
Sales 201,206 14
Net Shares Purchased
(Sold) (201,206) 14
Total Insider Shares Held 893.54K N/A
% Net Shares Purchased
(Sold) (18.4%) N/A
Net Institutional Purchases - Prior Qtr to Latest Qtr
Shares
Net Shares Purchased (Sold) 666,040
% Change in Institutional Shares Held 6.1%
Data provided by Thomson Financial
INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
Date Insider Shares Type Transaction Value*
12-Aug-08 BARR WILLIAM G III
Officer 10,000 Direct Acquisition (Non Open Market) at $5.13 per share. $51,300
12-Aug-08 DAUGHERTY WILLIAM S
Officer 10,000 Direct Acquisition (Non Open Market) at $5.13 per share. $51,300
12-Aug-08 WALLEN D MICHAEL
Officer 10,000 Direct Acquisition (Non Open Market) at $5.13 per share. $51,300
12-Aug-08 WINDISCH MICHAEL P
Officer 10,000 Direct Acquisition (Non Open Market) at $5.13 per share. $51,300
1-Aug-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $6.41 per share. $4,538
11-Jul-08 MORGAN STEVE U
Director 3,000 Direct Statement of Ownership N/A
1-Jul-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $9.25 per share. $6,549
17-Jun-08 BARR WILLIAM G III
Officer 50,000 Direct Automatic Sale at $9.50 per share. $475,000
2-Jun-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $9.15 per share. $6,478
27-May-08 WINDISCH MICHAEL P
Officer 10,000 Direct Automatic Sale at $9.30 per share. $93,000
21-May-08 WINDISCH MICHAEL P
Officer 10,000 Direct Automatic Sale at $8.65 per share. $86,500
20-May-08 BARR WILLIAM G III
Officer 50,000 Direct Automatic Sale at $8.50 per share. $425,000
20-May-08 WINDISCH MICHAEL P
Officer 10,000 Direct Automatic Sale at $8.55 per share. $85,500
19-May-08 WINDISCH MICHAEL P
Officer 10,000 Direct Automatic Sale at $8.40 per share. $84,000
8-May-08 WINDISCH MICHAEL P
Officer 56,250 Direct Automatic Sale at $8.07 per share. $453,937
1-Apr-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $6.75 per share. $4,779
1-Apr-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $5.58 per share. $3,950
24-Mar-08 MILLER THOMAS F
Director 4,000 Direct Acquisition (Non Open Market) at $4.51 per share. $18,040
24-Mar-08 KLYMAN JAMES K
Director 3,000 Direct Acquisition (Non Open Market) at $4.51 per share. $13,530
3-Mar-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $6.09 per share. $4,311
1-Feb-08 BARR WILLIAM G III
Officer 708 Direct Automatic Sale at $5.35 per share. $3,787
2-Jan-08 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $5.60 per share. $4,362
2-Jan-08 DAUGHERTY WILLIAM S
Officer 100,000 Direct Option Exercise at $1.02 per share. $102,000
20-Dec-07 MILLER THOMAS F
Director 4,000 Direct Acquisition (Non Open Market) at $5.80 per share. $23,200
20-Dec-07 KLYMAN JAMES K
Director 3,000 Direct Acquisition (Non Open Market) at $5.80 per share. $17,400
3-Dec-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $6.19 per share. $4,822
1-Nov-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $7.48 - $7.48 per share. $5,8262
1-Nov-07 WINDISCH MICHAEL P
Officer 13,790 Direct Automatic Sale at $7.50 per share. $103,425
31-Oct-07 WINDISCH MICHAEL P
Officer 11,312 Direct Automatic Sale at $7.50 - $7.5 per share. $85,0002
30-Oct-07 WINDISCH MICHAEL P
Officer 5,648 Direct Automatic Sale at $7.50 - $7.5 per share. $42,0002
11-Oct-07 WINDISCH MICHAEL P
Officer 7,649 Direct Automatic Sale at $7.10 - $7.1 per share. $54,0002
8-Oct-07 WINDISCH MICHAEL P
Officer 3,785 Direct Automatic Sale at $7.10 - $7.1 per share. $27,0002
5-Oct-07 WINDISCH MICHAEL P
Officer 66 Direct Automatic Sale at $7.10 - $7.1 per share. $4682
4-Oct-07 WINDISCH MICHAEL P
Officer 10,800 Direct Automatic Sale at $6.81 - $6.81 per share. $74,0002
3-Oct-07 WINDISCH MICHAEL P
Officer 700 Direct Automatic Sale at $6.80 - $6.8 per share. $4,7602
1-Oct-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $6.79 - $6.79 per share. $5,2892
28-Sep-07 BARR WILLIAM G III
Officer 15,000 Direct Sale at $6.76 - $6.76 per share. $101,0002
27-Sep-07 BARR WILLIAM G III
Officer 35,000 Direct Sale at $6.82 - $6.82 per share. $239,0002
4-Sep-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $7.14 - $7.14 per share. $5,5622
15-Aug-07 COTTERELL CHARLES
Director 5,257 Direct Sale at $7.76 - $7.76 per share. $41,0002
13-Aug-07 WINDISCH MICHAEL P
Officer 10,000 Direct Sale at $7.53 - $7.53 per share. $75,0002
1-Aug-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $7.27 - $7.27 per share. $5,6632
2-Jul-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $7.97 - $7.97 per share. $6,2082
1-Jun-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $8.19 - $8.19 per share. $6,3802
1-May-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $7.39 - $7.39 per share. $5,7562
2-Apr-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $6.80 - $6.8 per share. $5,2972
1-Mar-07 BARR WILLIAM G III
Officer 779 Direct Automatic Sale at $6.56 - $6.56 per share. $5,1102
1-Feb-07 BARR WILLIAM G III
Officer 787 Direct Automatic Sale at $6.74 - $6.74 per share. $5,3042
3-Jan-07 BARR WILLIAM G III
Officer 5,000 Direct Automatic Sale at $6.34 - $6.34 per share. $32,0002
11-Dec-06 WINDISCH MICHAEL P
Officer 300 Direct Sale at $7.20 - $7.2 per share. $2,1602
1-Dec-06 BARR WILLIAM G III
Officer 750 Direct Automatic Sale at $7.89 - $7.89 per share. $5,9172
1-Nov-06 BARR WILLIAM G III
Officer 750 Direct Automatic Sale at $7.96 - $7.96 per share. $5,9702
2-Oct-06 BARR WILLIAM G III
Officer 750 Direct Automatic Sale at $7.97 - $7.97 per share. $5,9772
26-Sep-06 KLYMAN JAMES K
Director 1,500 Direct Acquisition (Non Open Market) at $6.64 per share. $9,960
26-Sep-06 COTTERELL CHARLES
Director 1,500 Direct Acquisition (Non Open Market) at $6.64 - $6.64 per share. $9,9602
26-Sep-06 MILLER THOMAS F
Director 2,000 Direct Acquisition (Non Open Market) at $6.64 per share. $13,280
25-Aug-06 WINDISCH MICHAEL P
Officer 5,000 Direct Automatic Sale at $9.63 - $9.63 per share. $48,0002
25-Aug-06 COTTERELL CHARLES
Director 10,000 Direct Sale at $9.76 - $9.76 per share. $98,0002
22-Aug-06 WINDISCH MICHAEL P
Officer 1,000 Direct Sale at $9.10 - $9.1 per share. $9,1002
22-Aug-06 DAUGHERTY WILLIAM S
Officer 20,000 Direct
"Bubbles are Good For You !"
NGAS Resources Provides Mid-Year Horizontal Drilling Update
Date : 07/08/2008 @ 8:00AM
Source : Business Wire
Stock : NGAS Resources, Inc. (NGAS)
Quote : 6.41 -0.07 (-1.08%) @ 3:05PM
NGAS Resources Provides Mid-Year Horizontal Drilling Update
NGAS Resources, Inc. (Nasdaq: NGAS) today provided an update on its horizontal drilling activity in its core Leatherwood field.
The company has been actively drilling horizontal wells through the Devonian shale in its Leatherwood field since February 2008. The fourth and fifth wells have now been on line for over 30 days, with average production rates of 203 thousand cubic feet per day (Mcf/d) and 360 Mcf/d, respectively. The company retained working interests of 100 percent in the fourth well and 87.5 percent in the fifth well.
The company’s next three horizontal wells have been drilled to total vertical depth and are ready for the horizontal drilling rig to complete the drilling phase. The company retained a 50 percent working interest in these wells. Each well is expected to have a single lateral leg up to 3,500 feet through the lower Huron section of the Devonian shale. The ninth horizontal well in the project will be spudded later this week.
William S. Daugherty, President and CEO of NGAS Resources, commented, “We are very pleased with the production results from our first five horizontal wells in Leatherwood. Based on the continued success of the program, we plan to drill at least 20 horizontal wells this year. Our growth strategy in our core area for 2008 will be focused on our horizontal drilling project in Leatherwood, as well as adding to our acreage position in key fields.” Mr. Daugherty added, “Our horizontal drilling program has the potential to significantly increase production and reserves for the company over the long term, both from Leatherwood and our other core areas in the Appalachian Basin.” About NGAS Resources NGAS Resources is an independent exploration and production company focused on unconventional natural gas basins in the United States that provide repeatable drilling opportunities, principally in the southern portion of the Appalachian basin. Additional information, including the Company’s most recent periodic reports and proxy statement, can be accessed on its website at www.ngas.com.
Press Release Source: NGAS Resources, Inc.
NGAS Resources Provides Horizontal Drilling Update
Wednesday May 21, 6:55 am ET
-- Production in Line with Expectations
-- 20 Horizontal Wells Planned in 2008
LEXINGTON, Ky.--(BUSINESS WIRE)--NGAS Resources, Inc. (Nasdaq: NGAS - News) today provided an update on the five horizontal wells it has drilled to date in its core Leatherwood field.
ADVERTISEMENT
As previously disclosed, natural gas production from the first horizontal well averaged 367 thousand cubic feet per day (Mcf/d) for the first 30 days. The second and third wells have now been on line for over 30 days, with average production rates of 405 Mcf/d and 421 Mcf/d, respectively. The company retained 62.5 percent working interest in the first two wells and 50 percent in the third well.
The Company’s fourth horizontal well in Leatherwood was recently completed and put on line. Its fifth well is being fraced and will go on line in early June. The Company retained all of the working interest in the fourth well and has an 87.5 percent working interest in the fifth well. Each well has a single lateral leg up to 3,500 feet through the lower Huron section of the Devonian shale.
William S. Daugherty, President and CEO of NGAS Resources commented, “Production results from these wells are in line with our expectations. As a result, we plan to drill at least 20 horizontal wells in our Leatherwood field this year.” Mr. Daugherty added, “The success we are having in Leatherwood with our horizontal drilling to the Devonian shale, which is present throughout our Appalachian acreage, has the potential to provide the catalyst for significant growth in our production and reserves over the long term.”
Approx 1/2 mil dollars $453,937 on 56,250 shares to be sold, Form 4.
Date : 05/12/2008 @ 3:05PM
Source : Edgar (US Regulatory)
Stock : Ngas Resources Inc (NGAS)
WINDISCH MICHAEL ~ CFO
Ngas Resources Inc - Statement of Changes in Beneficial Ownership (4)
FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2008
Estimated average burden
hours per response...
0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
WINDISCH MICHAEL P 2. Issuer Name and Ticker or Trading Symbol
NGAS Resources Inc [ NGAS ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director _____ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last) (First) (Middle)
120 PROSPEROUS PLACE, SUITE 201 3. Date of Earliest Transaction (MM/DD/YYYY)
5/8/2008
(Street)
LEXINGTON, KY 40509
(City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
common stock 5/8/2008 S 56250 (1) D $8.0667 236200 (2) D
Table II - Derivative Securities Beneficially Owned ( e.g.
, puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
employee stock option $4.03 5/8/2008 M 37500 (1) 2/25/2007 2/25/2009 cpmmon stock 37500 $4.03 0 D
employee stock option $4.03 5/8/2008 M 18750 (1) 2/25/2006 2/25/2009 common stock 18750 $4.03 0 D
Explanation of Responses:
(
1)
Pursuant to Rule 10b5-1 Plan
(
2)
Includes 200,000 shares issuable upon exercise of vested stock options.
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
WINDISCH MICHAEL P
120 PROSPEROUS PLACE
SUITE 201
LEXINGTON, KY 40509
Chief Financial Officer
Signatures
Michael P. Windisch 5/9/2008
** Signature of Reporting Person Date
NGAS Reports First Quarter 2008 Results
NGAS Resources, Inc. (Nasdaq: NGAS) today reported first quarter 2008 total revenue of $17.6 million compared to $17.9 million in the comparable quarter in 2007. Gas gathering, compression and processing revenue rose 31 percent in the period on increased fees for moving third-party gas through the open-access section of the Company’s gathering system. Oil and gas production revenue increased 26 percent year-over-year, driven by a 13 percent increase in production volumes and substantially higher oil prices.
Net income in first quarter 2008 was $163,189 versus a net loss of $254,264 in first quarter 2007. Earnings per share were $0.01, compared to a net loss per share of $0.01 in first quarter 2007, while discretionary cash flow was $4.1 million ($0.15 per share), compared to $2.7 million ($0.13 per share). (A reconciliation of this non-GAAP measure is provided at the end of this release.) William S. Daugherty, President and CEO of NGAS Resources commented, “The evolution of our business model by taking a larger interest in core area wells contributed to our 13 percent organic growth in production.” Mr. Daugherty added, “Since February we have drilled four horizontal wells in the Devonian shale in our Leatherwood field and a fifth has been spudded. Production from the first well averaged 367 Mcf for the first 30 days. We are very pleased with the initial results and plan to drill a total of 20 horizontal wells in our core area this year.” He further commented, “With our large acreage position, the success of our horizontal drilling program has the potential to significantly increase production and reserves.” Operational and Financial Highlights for 1Q 2008 versus 1Q 2007: Average daily production was 9.7 Mmcfe versus 8.7 Mmcfe Total production volume increased 13 percent to 0.880 Bcfe 60 gross (27.7 net) wells drilled versus 57 gross (23.6 net) Average sales price for natural gas was $8.51/Mcf versus $8.62/Mcf Average realized prices for the Appalachian gas portion was $9.18 in 1Q 2008 Gas gathering, compression and processing revenue rose 31 percent to $2.6 million Oil and gas production revenue increased 26 percent to $8.5 million Capital expenditures of $13.3 million 26 miles added to gathering system First Quarter 2008 Expense Review Selling, general and administrative (SG&A) expenses were $3.3 million, 18 percent below the same quarter of 2007. This primarily reflects the timing of marketing expenditures for sponsored drilling programs. As a percentage of revenue, SG&A costs were 18.6 percent, compared to 22.4 percent in first quarter 2007, reflecting the contraction in drilling program initiatives.
Depreciation, depletion and amortization (DD&A) expenses were $2.9 million in first quarter 2008, compared to $2.3 million in first quarter 2007. The increase in DD&A reflects substantial additions to oil and gas properties and gas gathering systems over the past year.
Interest expense in the quarter was $1.3 million, compared to $1.2 million in the same period last year. This was attributable to increased credit facility fundings for drilling and infrastructure expansion.
Conference Call Information A conference call will be held today at 4:30 p.m. (Eastern) today to discuss 1Q 2008 results. The call in number is 888-254-3584 or 913-312-0711 (international). Conference ID number is 3439696. The conference call will be webcast and can be accessed by logging onto www.ngas.com or clicking on the following link: http://viavid.net/dce.aspx?sid=00004ECD. A PowerPoint presentation, which highlights management’s discussion points, will be available on the Company’s website. For those unable to listen to the live presentation, the webcast will be archived on the Company’s website. A telephone replay will also be available for one week beginning at 7:30 p.m. (Eastern), May 8, 2008, and can be accessed by dialing 888-203-1112 or 719-457-0820 (international) and entering pin number 3439696.
About NGAS Resources NGAS Resources is an independent exploration and production company focused on unconventional natural gas basins in the United States that provide repeatable drilling opportunities, principally in the southern portion of the Appalachian basin. Additional information, including the Company’s most recent periodic reports and proxy statement, can be accessed on its website at www.ngas.com.
Forward Looking Statement This release includes forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 relating to matters such as anticipated operating and financial performance and prospects. Actual performance and prospects may differ materially from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including risks of production variances from expectations, volatility of product prices, the level of capital expenditures required to fund drilling and the ability of the Company to implement its business strategy. These and other risks are described in the Company’s periodic reports filed with the United States Securities and Exchange Commission.
NGAS RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2008 2007 REVENUE Contract drilling $ 6,602,118 $ 9,245,219 Oil and gas production 8,489,434 6,752,232 Gas transmission, compression and processing 2,558,092 1,947,941 Total revenue 17,649,644 17,945,392 DIRECT EXPENSES Contract drilling 5,119,849 7,180,717 Oil and gas production 2,764,955 1,683,014 Gas transmission, compression and processing 1,090,246 1,099,593 Total direct expenses 8,975,050 9,963,324 OTHER EXPENSES (INCOME) Selling, general and administrative 3,288,483 4,021,882 Options, warrants and deferred compensation 137,679 341,123 Depreciation, depletion and amortization 2,871,760 2,306,470 Bad debt expense 347,840 -- Interest expense 1,325,970 1,224,756 Interest income (69,710 ) (84,054 ) Other, net (6,277 ) 92,749 Total other expenses 7,895,745 7,902,926 INCOME BEFORE INCOME TAXES 778,849 79,142 INCOME TAX EXPENSE 615,660 333,406 NET INCOME (LOSS) $ 163,189 $ (254,264 ) NET INCOME (LOSS) PER SHARE Basic $ 0.01 $ (0.01 ) Diluted $ 0.01 $ (0.01 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 26,235,811 21,791,107 Diluted 26,731,037 21,791,107 NGAS RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2008 2007 ASSETS (Unaudited) Current assets: Cash $ 1,643,262 $ 2,816,678 Accounts receivable 8,718,209 7,909,943 Prepaid expenses and other current assets 962,512 505,778 Loans to related parties 7,750 7,654 Total current assets 11,331,733 11,240,053 Bonds and deposits 610,445 535,445 Oil and gas properties 194,398,168 183,823,702 Property and equipment 3,624,092 3,689,636 Loans to related parties 247,376 249,410 Deferred financing costs 1,681,852 1,706,852 Other non-current assets -- 3,242,790 Goodwill 313,177 313,177 Total assets $ 212,206,843 $ 204,801,065 LIABILITIES Current liabilities: Accounts payable $ 8,987,575 $ 6,649,809 Accrued liabilities 3,784,488 3,655,684 Customer drilling deposits 3,027,091 2,857,806 Long term debt, current portion 24,000 388,856 Total current liabilities 15,823,154 13,552,155 Deferred income taxes 9,834,430 9,218,770 Long term debt 84,333,809 80,160,915 Deferred compensation 2,062,858 1,960,020 Total liabilities 112,054,251 104,891,860 SHAREHOLDERS' EQUITY Capital stock Authorized: 5,000,000 Preferred shares 100,000,000 Common shares Issued: 26,243,064 Common shares (2007 - 26,136,064) 109,087,029 108,842,526 21,100 Common shares held in treasury, at cost (23,630 ) (23,630 ) Paid-in capital - options and warrants 3,408,056 3,484,148 Contributed surplus 955,009 1,043,222 To be issued: 9,185 Common shares 45,925 45,925 113,472,389 113,392,191 Deficit (13,319,797 ) (13,482,986 ) Total shareholders' equity 100,152,592 99,909,205 Total liabilities and shareholders' equity $ 212,206,843 $ 204,801,065 NGAS RESOURCES, INC.
CASH FLOW RECONCILIATION Discretionary cash flow represents net income, as determined under generally accepted accounting principles (“GAAP“), with certain non-cash items added back. Although a non-GAAP measure, discretionary cash flow is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash that can be used to internally fund exploration and development activities and to service debt. This measure may also be used in the valuation, comparison, rating and investment recommendations for companies in the oil and gas exploration and production industry. Cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities or as an indicator of cash flows or measure of liquidity.
(Unaudited) Three Months Ended March 31, 2008 2007 Net income (loss) $ 163,189 $ (254,264 ) DD&A 2,871,760 2,306,470 Options, warrants and deferred compensation 137,679 341,123 Bad Debt Expense 347,840 -- Deferred taxes 615,660 333,406 DISCRETIONARY CASH FLOW $ 4,136,128 $ 2,726,735 DISCRETIONARY CASH FLOW PER SHARE $ 0.15 $ 0.13
Back in October 2005, NGAS was a hot stock. I bought it from $9 to $14 and eventually sold out has it declined.
A lot has occurred since that time, more particularly moving into the zones of Peak Oil and Peak Gas just beyond.
Yesterday I freed up funds for today's purchase at $7.50. I feel confident with the company's prospects here.
sumisu
CNBC Winter Natural Gas Crunch Possible?
Wednesday May 7, 11:19 am ET
U.S. natural gas inventories could be at seriously low levels at the start of winter this year, if current rates of liquefied natural gas (LNG) imports remain at record lows, a Goldman Sachs report said Wednesday.
The year is already two months into the summer re-fill season when producers traditionally stock up on cheap gas volumes to sell on more profitably in winter, but so far storage facilities have gone unused as prices remain high.
More so, ongoing weakness in US natural gas prices compared with prices in the rest of the world is providing no incentive for LNG cargoes to be directed to the US, leaving imports at record-low levels.
"The US still needs to increase LNG imports and incentivize some fuel switching away from natural gas towards residual fuel oil to bring nat gas inventories to full levels by end of October," the report said.
To achieve higher imports the bank says Nymex natural gas futures futures, currently trading at 28-month highs of more than $11.10 per million British thermal units, will need to rise further to close the gap with international gas prices and the rest of the oil complex in coming months.
If prices fail to rise, it will be hard for U.S. natural gas inventories to reach full levels by the end of the summer, the report said. And U.S. supply could come under pressure if this winter is as severe as 2007, the coldest in 7 years.
Goldman raised its US domestic production outlook for the year by 300 million cubic feet per day, but adds any increase will be offset by an increase in expected U.S. pipeline exports, keeping the supply balance tight.
I put my toe in the water today with NGAS, Will look to add to position down the road.
Analyst Opinion :
RECOMMENDATION SUMMARY*
Mean Recommendation (this week): 1.8
Mean Recommendation (last week): 1.7
Change: 0.1
* (Strong Buy) 1.0 - 5.0 (Sell)
Compare to Industry
PRICE TARGET SUMMARY
Mean Target: 10.88
Median Target: 10.25
High Target: 13.00
Low Target: 10.00
No. of Brokers: 4
Data provided by Thomson/First Call
ADVERTISEMENT
UPGRADES & DOWNGRADES HISTORY
Date Research Firm Action From To
11-Feb-08 Broadpoint Capital Initiated Buy
24-May-07 RBC Capital Mkts Initiated Outperform
8-Jun-06 First Albany Upgrade Buy Strong Buy
27-Sep-05 Ferris Baker Watts Initiated Buy
27-Jul-05 Harris Nesbitt Initiated Outperform
28-Jun-05 First Albany Initiated Strong Buy
10-Jun-05 Morgan Joseph Initiated Buy
March 31, 2008 - 2:30 PM EDT
NGAS Resources to Present at IPAA's Oil & Gas Investment Symposium
NGAS Resources, Inc. (Nasdaq: NGAS) today announced that William S. Daugherty, President and CEO, will present at the Independent Petroleum Association of America’s (IPAA) Annual Oil & Gas Investment Symposium (OGIS) being held at The Sheraton New York Hotel & Towers in New York City April 7-9, 2008.
Mr. Daugherty will be presenting at the conference on Tuesday, April 8, 2008 at 10:55 a.m. (Eastern). During his presentation, Mr. Daugherty plans to discuss NGAS and its natural gas opportunities in the Appalachian Basin as well as provide a general business update.
Mr. Daugherty’s presentation and accompanying slides will be webcast and can be accessed from the Company’s website at www.ngas.com or by cutting and pasting the following link into your browser: http://www.investorcalendar.com/CEPage.asp?ID=126921. Additional conference information can be found at www.ipaa.org.
March 13, 2008 - 2:55 PM EDT
Wall Street Media presents a video of William Daugherty, CEO of NGAS Resources (NasdaqGS: NGAS)
Wall Street Media is presenting an exclusive highlight video from the presentation of William Daugherty, CEO of NGAS Resources (NasdaqGS: NGAS) from the Dahlman Rose 2008 Energy Supply Chain Conference held in Boston, MA on Thursday, March 13, 2008. NGAS Resources is an independent exploration and production company focused on unconventional natural gas basins in the United States that support repeatable drilling opportunities.
Please visit the following link to view the video:
http://wsmco.com/show.aspx?711_NGAS_presentation_news
For additional coverage from the Dahlman Rose 2008 Energy Supply Chain Conference as well as other major investment bank conferences please visit Wall Street Media at:
www.wsmco.com
Wall Street Media’s coverage includes all major investment bank conferences with more than 20.000 CEO presentations annually as well as interviews with analysts, fund managers, hedge fund managers and market experts.
WSM’s Daily Show features highlight clips of these videos as well as the hosts’ stock picks. The WSM portfolio you will see constantly mentioned may be followed free at www.covestor.com
Covestor.com aims to de-institutionalize money management to provide a real-trade sharing service that offers self-directed investors the opportunity to compete with, and be rewarded like, professionals. By sharing the work they already do for themselves Covestor builds each of its members an institutional grade track record, and allows them to track the real portfolios of other proven investors for free.
Wall Street Webcasting
Maria Degener, 212-354-1449
Source: Business Wire (March 13, 2008 - 2:55 PM EDT)
News by QuoteMedia
www.quotemedia.com
NGAS Reports Fourth Quarter and Full Year 2007 Results
Wednesday March 12, 4:05 pm ET
-- Oil and Gas Production Revenue Increased 22 Percent in Fourth Quarter
-- 2007 Production Increases 15 Percent
LEXINGTON, Ky.--(BUSINESS WIRE)--NGAS Resources, Inc. (Nasdaq: NGAS - News) today reported fourth quarter 2007 total revenue increased 9 percent to $21.0 million compared to $19.3 million for the comparable quarter in 2006. The results were driven by a 22 percent increase in oil and gas production revenue to $8.0 million in fourth quarter 2007, up from $6.5 million in the same period of the prior year. Gas transmission and compression revenue rose 14 percent on increased fees for moving third party gas through the open-access section of the Company’s gathering system.
In fourth quarter 2007, the Company reported a net income of $256,655 or $0.01 earnings per share. This compares favorably with net income of $507,789, or $0.02 per share, in fourth quarter 2006, which benefited from an after tax gain of $1.6 million, amounting to $0.05 per share, on the sale of some non-core assets. Discretionary cash flow per share was $0.18 compared to $0.25. A reconciliation of this non-GAAP measure is provided at the end of this release.
William S. Daugherty, President and CEO of NGAS Resources commented, “During the fourth quarter, we achieved an important milestone, with average daily production of 10,000 Mcfe.” Mr. Daugherty added, “We are drilling three Devonian Shale horizontal test wells in our Leatherwood field. Pending results, we could potentially drill 20 horizontal wells in our core acreage by year end. With our extensive acreage position in the southern Appalachian Basin, horizontal drilling has the potential to significantly increase our production and reserves.”
Operational and Financial Highlights for 4Q 2007 versus 4Q 2006:
Average daily production was 10.0 Mmcfe versus 8.5 Mmcfe
Total production volumes were up 18 percent to 0.921 Bcfe
48 gross (21.89 net) wells drilled as compared to 46 gross (16.82 net)
Average realized natural gas price was $8.06/Mcf versus $8.13
Oil and gas revenue increased 20 percent to $8.0 million from $6.5 million
Gas transmission and compression revenue rose 14 percent to $2.1 million
Discretionary cash flow was $4.3 million versus $5.7 million
Capital expenditures totaled $11.2 million
Average net working interest was 88 percent in operated wells versus 45 percent
Fourth Quarter 2007 Overview
During the quarter, the Company drilled 48 gross (21.89 net) wells. Contract drilling revenue was flat with the prior year at $10.9 million reflecting a change in the Company’s business model to accelerate organic growth by limiting the use of drilling programs to participation in non-operated initiatives.
Depreciation, depletion and amortization expenses were $3.2 million in the fourth quarter 2007 compared to $2.8 million in the fourth quarter of 2006. The increase was driven by asset base expansion and additions to infrastructure.
Selling, general and administrative expenses in the fourth quarter of 2007 were $3.3 million compared to $2.9 million in the prior year. This was partially driven by increased levels of staffing to support the growing business. As a percentage of revenue, SG&A costs were 15.7 percent compared to 15.2 percent in fourth quarter 2006.
Interest expense in the quarter was $1.7 million compared to $1.3 million in the same period last year. This reflects increased credit facility borrowings for drilling activities and infrastructure expansion.
Operational and Financial Highlights for Full Year 2007 versus Full Year 2006:
Average daily production was 9.0 Mmcfe versus 7.8 Mmcfe
Total production volumes were up 15 percent to 3.3 Bcfe
217 gross (82.15 net) wells drilled as compared to 226 gross (65.46 net) wells drilled
Average realized natural gas price was $8.19 Mcf versus $8.23
Oil and gas revenue increased 16 percent to $28.1 million from $24.2 million
Discretionary cash flow was $13.1 million versus $16.3 million
Capital expenditures totaled $51.2 million
63 miles of pipeline added to gathering system
Conference Call Information
A conference call will be held at 4:30 p.m. (Eastern) today to discuss 4Q 2007 results. The call in number is 888-256-1013 or 913-312-9303 (international). Conference ID number is 4466326. The conference call will be webcast and can be accessed by logging onto www.ngas.com or by cutting and pasting the following link into your browser: http://viavid.net/dce.aspx?sid=00004B40. A slide presentation, which highlights management’s discussion points, will be available on the Company’s website. For those unable to listen to the live presentation, the webcast will be archived on the Company’s website. A telephone replay will also be available for one week beginning at 7:30 p.m. (Eastern), March 12, 2008, and can be accessed by dialing 888-203-1112 or 719-457-0820 (international) and entering pin number 4466326.
About NGAS Resources
NGAS Resources is an independent exploration and production company focused on unconventional natural gas basins in the United States that provide repeatable drilling opportunities, principally in the southern portion of the Appalachian basin. Additional information, including the Company’s most recent periodic reports and proxy statement, can be accessed on its website at www.ngas.com.
Forward Looking Statement
This release includes forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 relating to matters such as anticipated operating and financial performance and prospects. Actual performance and prospects may differ materially from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including risks of production variances from expectations, volatility of product prices, the level of capital expenditures required to fund drilling and the ability of the Company to implement its business strategy. These and other risks are described in the Company’s periodic reports filed with the United States Securities and Exchange Commission.
NGAS RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31,
December 31,
2007 2006 2007 2006
REVENUE (Unaudited)
Contract drilling $ 10,898,977 $ 10,941,439 $ 34,334,829 $ 50,108,545
Oil and gas production 7,974,594 6,532,665 28,148,689 24,233,102
Gas transmission and compression 2,090,358 1,835,824 7,719,308 5,478,642
Total revenue 20,963,929 19,309,928 70,202,826 79,820,289
DIRECT EXPENSES
Contract drilling 8,381,949 8,507,733 26,773,028 39,231,521
Oil and gas production 2,292,945 2,186,995 7,648,558 6,687,874
Gas transmission and compression 994,571 1,387,556 3,657,977 3,094,504
Impairment of oil and gas assets -- 346,718 964,000 346,718
Total direct expenses 11,669,465 12,429,002 39,043,563 49,360,617
OTHER EXPENSES (INCOME)
Selling, general and administrative 3,283,997 2,926,677 12,920,591 13,201,107
Options, warrants and deferred compensation 137,679 346,975 1,069,306 1,558,676
Depreciation, depletion and amortization 3,255,831 2,828,248 10,416,696 8,266,056
Bad debt expense -- -- 215,000 --
Interest expense 1,736,936 1,332,727 6,330,760 4,321,815
Interest income (108,849 ) (67,537 ) (323,655 ) (356,302 )
Loss (gain) on sale of assets 4,997 (2,723,007 ) 54,304 (3,197,834 )
Other, net 61,221 77,030 53,434 519,692
Total other expenses 8,371,812 4,721,113 30,736,436 24,313,210
INCOME BEFORE INCOME TAXES 922,652 2,159,813 422,827 6,146,462
INCOME TAX EXPENSE 665,997 1,652,024 1,239,424 4,154,024
NET INCOME (LOSS) $ 256,655 $ 507,789 $ (816,597 ) $ 1,992,438
NET INCOME (LOSS) PER SHARE
Basic $ 0.01 $ 0.02 $ (0.04 ) $ 0.09
Diluted $ 0.01 $ 0.02 $ (0.04 ) $ 0.09
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 23,551,868 21,652,254 22,240,429 21,510,594
Diluted 24,333,498 22,727,571 22,240,429 22,922,615
NGAS RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
ASSETS
2007
2006
Current assets:
Cash $ 2,816,678 $ 14,431,977
Accounts receivable 7,909,943 9,108,574
Prepaid expenses and other current assets 505,778 1,108,734
Loans to related parties 7,654 7,147
Total current assets 11,240,053 24,656,432
Bonds and deposits 535,445 533,695
Oil and gas properties 183,823,702 144,217,532
Property and equipment
3,689,636 3,342,571
Loans to related parties 249,410 257,430
Deferred financing costs 1,706,852 2,264,022
Other non-current assets 3,242,790 2,634,271
Goodwill 313,177 313,177
Total assets $ 204,801,065 $ 178,219,130
LIABILITIES
Current liabilities:
Accounts payable $ 6,649,809 $ 9,286,849
Accrued liabilities 3,655,684 3,998,978
Customer drilling deposits 2,857,806 12,173,905
Long term debt, current portion 388,856 24,000
Total current liabilities 13,552,155 25,483,732
Deferred income taxes
9,218,770 8,035,779
Long term debt 80,160,915 66,922,744
Deferred compensation 1,960,020 1,419,776
Total liabilities
104,891,860 101,862,031
SHAREHOLDERS' EQUITY
Capital stock
Authorized:
5,000,000 Preferred shares
100,000,000 Common shares
Issued:
26,136,064 Common shares (2006 - 21,788,551) 108,842,526 84,531,832
21,100 Common shares held in treasury, at cost (23,630 ) (23,630 )
Paid-in capital - options and warrants 3,484,148 3,073,287
Contributed surplus
1,043,222 1,396,074
To be issued:
9,185 Common shares (2006 - 9,185) 45,925 45,925
113,392,191 89,023,488
Deficit (13,482,986 ) (12,666,389 )
Total shareholders' equity 99,909,205 76,357,099
Total liabilities and shareholders' equity $ 204,801,065 $ 178,219,130
NGAS RESOURCES, INC.
CASH FLOW RECONCILIATION
Discretionary cash flow represents net income, as determined under generally accepted accounting principles (“GAAP“), with certain non-cash items added back. Although a non-GAAP measure, discretionary cash flow is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash that can be used to internally fund exploration and development activities and to service debt. This measure may also be used in the valuation, comparison, rating and investment recommendations for companies in the oil and gas exploration and production industry. Cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities or as an indicator of cash flows or measure of liquidity.
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2007
2006
2007
2006
Net income $ 256,655 $ 507,789 $ (816,597 ) $ 1,992,438
DD&A 3,255,831 2,828,248 10,416,696 8,266,056
Options, warrants and deferred compensation 137,679 346,975 1,069,306 1,558,676
Bad Debt Expense -- -- 215,000 --
Impairment of oil and gas assets -- 346,718 964,000 346,718
Deferred taxes 665,997 1,652,024 1,239,424 4,154,024
DISCRETIONARY CASH FLOW $ 4,316,162 $ 5,681,754 $ 13,087,829 $ 16,317,912
DISCRETIONARY CASH FLOW PER SHARE $ 0.18 $ 0.25 $ 0.59 $ 0.71
Contact:
NGAS Resources, Inc.
Michael P. Windisch, CFO, 859-263-3948
Fax: 859-263-4228
ngas@ngas.com
--------------------------------------------------------------------------------
Source: NGAS Resources, Inc.
Looks like next target is 5.2 James...
This could be the turn looking good.
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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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