Doral Energy Corp.
OTC Bulletin Board : DRLY

Doral Energy Corp.

November 16, 2009 07:00 ET

Doral Energy Corp. Announces 2009 Year End Results

MIDLAND, TEXAS--(Marketwire - Nov. 16, 2009) - Doral Energy Corp. (OTCBB:DRLY) ("Doral" or "the Company"), announced today that is has completed its 10-K Annual Report for the Fiscal Year 2009 ending July 31, 2009, its first full year of operations as an exploitation and production company. Doral's Form 10-K was filed November 13, 2009 and can be viewed on the Doral Website at www.DoralEnergy.com, on the "Investor" page under "SEC Filings".

During the past year, 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, however, the Company exhibited a positive year-end EBITDA of $0.53 million. Additionally, Doral has secured forbearance from Macquarie Bank Limited until January 29, 2010 allowing management the flexibility necessary to satisfy its outstanding debt as it relates to its existing $50 Million Senior Credit Facility with Macquarie.

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."

About Doral Energy Corp.

Doral Energy Corp. (OTCBB: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.

Shareholders and investors are encouraged to visit Doral Energy's website at www.DoralEnergy.com for more information.

On behalf of DORAL ENERGY CORP.

Everett Willard ("Will") Gray, II, Chief Executive Officer

Forward Looking Statements

This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. In particular, there is no assurance that Doral will be able to re-finance its current credit facility or acquire any future properties.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's filings with the US Securities and Exchange Commission.

Contact Information

  • Doral Energy Corp.
    Brad Holmes
    (713) 654-4009 - office
    (713) 304-6962 - cell
    b_holmes@att.net