Ness Energy Announces Significant Increases in Reserves
Monday March 27, 11:02 am ET
WILLOW PARK, Texas and NETANYA, Israel, March 27 /PRNewswire-FirstCall/ -- Ness Energy International, Inc. (OTC Bulletin Board: NESS - News) reported the Company achieved improvements in proved reserves for the year 2005. Ness continues to expand its proved reserve base. Tax-effected Proved reserves for the year ended December 31, 2005 have been calculated to be $209,690,000. This represents an increase of approximately 198% from the 2004 tax-effected number of $69,242,000.
2005 2004
Future cash inflows $ 630,581,000 $ 209,942,000
Future production costs (82,544,000) (27,930,000)
Future development costs (24,425,000) (4,326,000)
Future income tax (169,807,000) (30,151,000)
Future net cash flows 379,497,000 147,535,000
10% annual discount (169,807,000) (78,293,000)
Standardized measure
of discounted future
net cash flows $209,690,000 $69,242,000
Ness President and CEO Sha Stephens commented, "These positive results for fiscal 2005 reflect the success of the Company's continuing efforts of increasing shareholder value by building a strong asset base. Our business model continues to prove an effective strategy and we plan more of the same for 2006."
About Ness - The Vision
Ness Energy is an aggressive, emerging oil and gas company building on deals that make sense. Ness energy operates interests in the Ft. Worth Basin and the Coastal Plains regions of Texas. Ness is also a very active player in the energy industry in Israel, carrying out the Vision of The Company. Ness Energy is building at a high-speed pace through Merger, Acquisitions, Drilling, Re-Work and Re-Entry.
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