Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Doral Energy Corp.
Doral Energy Corp. (OTCBB:DEGY) is an oil and gas exploitation and production company headquartered in Midland, Texas. The company'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. The Permian Basin of Texas and New Mexico is a geographic region of particular interest 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, are producing 155 barrels of oil equivalent production per day (as of early August 2009) and have an estimated 4.48 million barrels of oil equivalent of total proved reserves as of July 1, 2009, based on independent third-party engineering evaluations.
As of June 2009, the company held a working interest in 66 producing leases and 186 wells in Eddy County, New Mexico. The company's Eddy County properties consist of approximately 7,800 acres and are located along the Artesia-Vacuum Trend near the northwestern edge of the Permian Basin. Doral holds a 100% working interest and an average net revenue interest of 74.7% in 55 of the 66 leases. In addition, the company holds an average working interest of 84.4% and an average net revenue interest of 67.1% in the remaining 11 leases. Doral's leasehold rights vary between leases, but they generally extend from the surface to approximately 3,500 feet in depth.
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About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides factual research coverage enabling information about Doral Energy Corp and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Factual Report research has no access to non-public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.
Note:All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
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Contacts:
Doral Energy Corp.:
Brad Holmes, 713-654-4009
Investor
Relations
b_holmes@att.net
Website:
www.DoralEnergy.com
or
Standard
& Poor's:
Customer Contact:
Richard Albanese,
212-438-3647
richard_albanese@standardandpoors.com
or
Media
Relations:
Michael Privitera, 212-438-6679
michael_privitera@standardandpoors.com
