NGAS Resources announced its estimated proved oil and gas reserves at December 31, 2004 were 66,074 Mmcfe, up 34,703 Mmcfe or 111% from December 31, 2003. The Company's proved developed reserves increased to 52.7% of total proved reserves, compared to 41.0% at December 31, 2003. NGAS' standardized measure of discounted future net cash flows (discounted at 10%) increased 175% to $92.4 million as of December 31, 2004, compared to $33.6 million as of December 31, 2003. For the year ended December 31, 2004, the Company increased its net oil and gas production to 860.7 Mmcfe, up 77% from 485.9 Mmcfe in the prior year.
"Our production performance and year-end reserves reflect our continued growth during 2004," commented William S. Daugherty, President and CEO. "We drilled 155 gross wells and acquired strategic oil and gas producing properties that have significant potential for future drilling. We remain focused on increasing shareholder value on a long-term basis and will continue to aggressively develop our properties and evaluate acquisition targets that meet our expansion criteria."