Buffalo, NY 12/1/2009 12:43:54 AM
News / Business

2009 Year End Results announced for (OTC: DRLY)

In 2009, Doral Energy had gross production of 46.2 MBbls (thousand barrels) of crude oil and 12.2 MMCF (million cubic feet) of natural gas or 48.2 MBOE (thousand barrels of oil equivalent), for Company net production of 33.7 MBbls of oil and 8.9 MMCF of gas (35.2 MBOE). With net revenue of $1.83 million from the sale of oil and gas and $0.90 million from oil hedge settlements, the Company's year-end financials resulted in net loss of $1.92 million, nevertheless, the Company exhibited a positive year-end EBITDA of $0.53 million.

 

E. Will Gray II, CEO & Vice Chairman of Doral, states, "We are pleased to announce to Doral Shareholders the results of our first full year of operations and welcome both current and future shareholders to review these results. Furthermore, Management is diligently working to satisfy our outstanding debt with Macquarie and we will provide additional information as material events arise during this process."

 

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About Doral Energy Corp.

Doral Energy Corp. (OTC.BB:DRLY) is an oil and gas exploitation and production company headquartered in Midland, Texas. Doral Energy Corp.'s strategy is to grow a portfolio of under-developed production and exploitation assets with the potential for generating near-term increases in existing production through operational improvements, and longer-term development of proved undeveloped reserves by infill drilling. Doral focuses on identifying acquisitions that generate immediate cash flow from production, but which also have strong proved developed non-producing and proved undeveloped reserves that can be tapped for significant growth. The prolific Permian Basin of Texas and New Mexico is the geographic region of focus for the Company's future acquisition activity. Doral's first producing assets, the Hanson Properties in Eddy County, New Mexico, located in the northwestern Permian Basin of New Mexico.

 

 

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