Ness Energy Announces Financial and Operating Results in Its
10-KSB for 2004, With Increases in Reserves, Gross Revenue, MCF
Sold and Cash Flow
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: April 14, 2005/PR
Newswire-First Call/ Ness Energy International, Inc. (OTC Bulletin
Board: NESS) reported the Company achieved improvements in
financial and operating results from 2003, when the company
transitioned to a New CEO, to 2004 the first full year under the
direction of Sha Stephens, President and Chief Executive Officer,
as reflected in its recently filed 10-KSB with the SEC.
Ness Energy, under the management of Sha Stephens, as President
and Chief Executive Officer, grew their reserves by over
$100,000,000 for the year ended December 31, 2004, in compliance
with the rules and guidelines of the SEC, as calculated by the
Company's Independent Petroleum Engineer. Gross revenues
increased by over $1,000,000, primarily through the sale of deep
mineral rights, production of new wells brought on line, and
improved production of existing wells. For the first
time in the Company's history, a positive cash flow was generated
from operations.
Ness President and CEO Sha Stephens commented "These positive
results for fiscal 2004 reflect the Company's successful efforts
in the acquisition, development, exploitation, and exploration of
producing oil and gas properties in areas where the Company has
gained historical knowledge, specifically Texas and Israel.
Our business model is proving to be an effective strategy."
Stephens added that the Company is currently continuing
drilling operations on four new wells in South Texas in various
stages of completion and simultaneously three wells in the North
Texas, Barnett Shale area. South Texas is flow testing 2
wells, and 2 wells are in reentry operations. Three wells are
being deepened into the Barnett Shale in North Texas.
Sha recently returned from Israel where he reviewed strategic
initiatives for the Company's ongoing Israeli operations. Modi'in
Energy Limited Partnership ("Modi'in"), Ness's affiliate through
its wholly owned subsidiary the general partner of Modi'in has
attracted attention of Israeli investors and its stock price has
risen over the last several months by 600% and continues to trade
strong.
President/CEO Sha Stephens has formed strategic initiatives on
how to advance results in Israel utilizing Ness's interests in
Texas.
About Ness - The Vision
Ness Energy is an aggressive, emerging oil and gas company
building on deals that make sense. Ness energy operates interests
in the Ft. Worth Basin and the Coastal Plains regions of
Texas. Ness is also a very active player in the energy
industry in Israel, carrying out the Vision of The Company. Ness
Energy is building at a high-speed pace through Merger,
Acquisitions, Drilling, Re-Work and Re-Entry.
Certain Information
The information contained in this press release must be read in
conjunction with the Company's recently filed 10-KSB and do not
constitute a full and complete report of the Company's financial
condition.
Certain statements above are forward-looking based on
Management's expectations or estimates, subject to change. Words
like "anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar identify them. They are not
guarantees of performance or otherwise and are subject to risks,
uncertainties and other factors, some beyond control and difficult
to predict. Therefore, outcomes may differ materially from
these statements. Do not place undue reliance on them. Unless
legally required, the Company undertakes no obligation to update
publicly any forward-looking statements, whether as a result of
new information, future events or otherwise. Readers are
referred to the documents filed by Ness Energy International, Inc.
with the SEC, including the company's most recent report on From
10-KSB, which identify important risk factors that could cause
actual results to differ from those contained in the
forward-looking statements.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia -
Investor Relations
(817) 341-1477 or info@nessenergy.com
Visit
us on the web at http://www.nessenergy.com/