News for 'EGSRE' - (Energas Reports 155 Percent Revenue Increase for 3rd
Quarter)
OKLAHOMA CITY, Feb 14, 2005 (BUSINESS WIRE) -- Energas Resources, Inc.
(OTCBB:EGSRE) announces that revenues for the nine month ended October 31,
2004
were $443,991, an increase of 155% from $173,986 in the same period last
year.
"It's exciting to see this company turn the corner," stated George Shaw,
President. "We spent a lot of time during the third quarter upgrading the
gathering system and adding a second compressor station. Now that the
improved
system is in place, I'm expecting a period of accelerated growth for our
Kentucky project, especially if we have some dry weather."
The company's new auditors opted to do a full and complete audit review,
which
delayed the process for this filing but will prepare the way for the
annual
report due next month. They have taken the necessary precautions and
implemented
disclosure methods to comply with the new Sarbanes-Oxley Act. We are very
pleased with the quality of the work of our new auditors and believe their
comprehensive effort will be to the company's benefit in future reports.
Additionally, we are confident that future reports will be timely.
In Kansas, the Operator reports that the 3rd well in the Rock Creek
Prospect was
spudded over the weekend and is currently drilling at a depth of 1,376'.
This
well, named the Francis #1-19, is designed to drill to a depth of 4,650'
and
should be finished in approximately 10 days. Further announcements will be
forthcoming.
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