26.08.2010 (634 Days Ago)
Doral Energy is an oil and gas exploitation and production company headquartered in Los Angeles, CA, with an operations office in Midland, Texas.
The Company is publicly traded fully reporting on the NASDAQ OTC Bulletin Board under the symbol DRLY.OB
www.doralenergycorp.com/
Doral Energy Corp.
3300 N. A Street, Bldg 2 Ste 218
Midland, TX 79705
Phone: (432) 789-1180
Phone: (432) 789-1180
Share Structure:
Authorized Shares: 2 Billion
Shares Outstanding: 96,545,976 as of June 18th, 2010
Float: 47.63 Million
as of March 17, 2010
Latest 10Q: www.otcmarkets.com/edgar/GetFilingHtml
Insider Holdings:
Name Shares Held Position Value
Percentage of Total Holdings
since 5/20/10
% Owned of Shares
Outstanding Turnover Rating
Kirkitelos (Paul C) 24.1M $7,993,763 +65% 27.1% Low
Gray (Everett ... 5.9M $1,964,756 +16% 6.7% Low
Hanson (Kathie A) 5.5M $1,840,608 +15% 6.2% Low
Seale (H Patrick) 1.5M $498,000 +4% 1.7% Low
Transfer Agent
OTR, Inc.
1000 SW Broadway St.
Portland, OR 97205
Doral's Projects:
Instead of exploring for oil, which is an expensive and risky venture, Doral Energy Corp acquires oil and gas wells from small independent oil companies that lack the money and the expertise to fully exploit the oil reserves. Once acquired, the wells are upgraded with the latest technology and resulting production increases almost immediately by 50% or better. This model has allowed Doral to build its reserves to 4.48 million barrels of oil equivalent, or BOE (a measure that combines both oil and natural gas reserves into one figure), worth more than $336 million at today's oil prices of $75/barrel. http://www.oil-price.net/
Doral focuses on acquisitions in the Permian Basin, where 100's of these small "mom and pop" operations are scattered all over rich oil reserves. The Permian Basin, a massive oil and natural gas producing area that stretches from west Texas to southeast New Mexico, has produced more than 300 million barrels of oil over the past 80 years. Yet the Bureau of Economic Geology of the University of Texas at Austin estimates that an additional 75 Billion barrels are still waiting to be drilled. The Permian Basin in second only to Alaska in proven reserves of domestic oil.
Doral’s management team have been working in the Permian Basin for years, giving them an advantage for acquiring these Mom and Pop operations thanks to personal contacts. Furthermore, many of these properties can only be acquired through these contacts, meaning Doral can usually avoid bidding wars due to no competing offers. Currently management is working to acquire 75 such properties located in the Permian Basin.
Doral's initial production project is the 7,800 acre Eddy County Properties, located in Eddy County, New Mexico on the western end of the Permian Basin. The Company has a 97.5%average working interest and a 76.0% average net revenue interest in 66 leases comprising the Eddy County Properties. Gross daily production is approximately 120 barrels of oil equivalent (BOE) per day. Total proved reserves for the Eddy County Properties are estimated at 4,100,000 BOE, with approximately 800,000 BOE of proved developed reserves and 3,300,000 BOE of proved undeveloped reserves. Doral acquired the Eddy County Properties using financing from its $50 million credit facility with the Energy Capital Group of Macquarie Bank Limited.
Doral's plan is to capitalize on numerous opportunities identified by its engineers for operational improvements to existing wells. A work plan including well repair and clean-out workovers, well chemical treatments and acid stimulations, and improvements in pump and production facility efficiencies will be undertaken immediately, in order to boost production and cash flow from the Properties.
Doral's overall plan for the Eddy County Properties is to capitalize on the proved undeveloped reserves by implementing an infill drilling program intended to maximize production from the Eddy County Properties. Similar infill drilling programs in the immediate vicinity have had very good success over the past 20-30 years, helping to guide Doral's strategic planning. The Company has identified over 160 potential infill locations that have been classified as containing proved undeveloped reserves. Because Doral's rights generally extend from the surface to 3,500 feet in depth, the infill drilling program will require shallow drilling only, which can be done with lower costs and fewer operational risks than deeper wells.
Panoramic satellite view from Google Earth looking southwest across the Permian Basin of Texas Area shown in center foreground contains 64 well locations per square mile (10-acre spacing).
Press Releases:
August 26, 2010 Doral Energy Corp Announces Results of 3rd Party Total Proved Reserves With and Undiscounted Net Present Value of $23,915,000 finance.yahoo.com/news/Doral-Energy-Corp-Announces-pz-1728125911.html
July 15, 2010 finance.yahoo.com/news/Doral-Energy-Corp-Adds-960-pz-1318757206.html Doral Energy Corp. Adds 960 Acres of Adjacent Oil and Gas Properties to Existing 6,800 Acre Producing Oil and Gas Portfolio
June 28, 2010 Doral Energy Corp Relocates Corporate Headquarters, Temporarily Suspends Corporate Website for Maintenance finance.yahoo.com/news/Doral-Energy-Corp-Relocates-pz-161364558.html
June 24, 2010 Doral Energy Corp provides Corporate Update http://finance.yahoo.com/news/Doral-Energy-Corp-Provides-pz-3023124935.html?x=0&.v=1
June 16, 2010 Doral Energy Corp Completes Permian Basin Oil and Gas Asset Divestiture for $10,000,000.00 finance.yahoo.com/news/Doral-Energy-Corp-Completes-pz-3656542493.html
June 15, 2010 Doral Energy Corp Enters Into Binding Purchase and Sale Agreement to Acquire 6,800 Acres of Producing Oil and Gas Assets Within finance.yahoo.com/news/Doral-Energy-Corp-Enters-Into-pz-2707723071.html
June 09, 2010 Doral Energy Corp. Provides Operational Update www.marketwatch.com/story/doral-energy-corp-provides-operational-update-2010-06-09
June 08, 2010 Doral Energy Corp. Adds Member to Board of Directorshttp://www.marketwatch.com/story/doral-energy-corp-adds-member-to-board-of-directors-2010-06-08?reflink=MW_news_stmp
May 20, 2010 Doral Energy Corp. to Acquire 6,800 Acres of Operated Producing Oil and Gas Assets Within the Permian Basin for $1.8M http://ih.advfn.com/p.php?pid=nmona&article=42905694&symbol=NB^DRLY
May 5, 2010 Doral Energy Corp. Executes Binding Purchase Sale Agreement to Sell Certain Permian Basin Assets to Alamo Resources, LLC http://ih.advfn.com/p.php?pid=nmona&article=42670317&symbol=NB^DRLY
Apr 21, 2010 Doral Energy Corp to dispose of certain Permian Basin operations for USD11.5m http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=drly
Apr 20, 2010 Doral Energy Corp. Signs Letter of Intent to Sell Certain Permian Basin Assets to Alamo Resources, LLC http://ih.advfn.com/p.php?pid=nmona&article=42448905&symbol=NB^DRLY
Apr 12, 2010 Blugrass Energy's JV Partner Doral Contracting Russell K. Hall for Third Party 51-101 Reserve Report http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=drly
Mar 9, 2010 Doral Energy Corp. Receives Extension of Loan Documents From Macquarie Bank http://finance.yahoo.com/news/Doral-Energy-Corp-Receives-pz-2573267442.html?x=0&.v=1
SEC Filings:
Links to SEC filings:
http://yahoo.brand.edgar-online.com/default.aspx?companyid=720488
SEC CIK# 0001373485
Directors and Executive Officers:
Everett Willard ("Will") Gray, II
PRESIDENT AND CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER, TREASURER, SECRETARY:
Mr. Gray is a seasoned executive who has been extensively involved in entrepreneurial ventures in oil field production as an angel investor and advisor/consultant to exploration and production start ups. Mr. Gray also has a diverse background gained from sales and marketing positions with a number of Fortune 500 companies, including Prudential Financial, Pharmacia Corp., Medtronic Inc., and Guidant Corporation. In April 2005, Mr. Gray founded WS Oil & Gas Limited, which provides merger and acquisition and capital raising consulting services to businesses in the energy sector. As a Co-Founder of Doral Energy, Mr. Gray was responsible for the identification and negotiation of Doral's Eddy County Oil and Gas leases in addition to assisting in the $50MM credit facility from Macquarie Bank Ltd. Mr. Gray received his B.S. in Business Management from Texas State University. While attending Texas State, Mr. Gray was a member of the golf team, earning Southland Conference All-Academic Honors, as well as being a member of the Southland Conference Golf Championship team.
Brad Heidelberg, Esq.
Elected to the Board of Directors effective June 4, 2010
Brad is a native West Texan who currently practices oil and gas law within the Permian Basin. Brad has an undergraduate degree from Texas A&M University and a law degree from the Texas Tech University School of Law. His past legal experience includes duties as a former assistant district attorney of Midland County. Additional work experience includes working for the Austin based law firm of Linebarger Goggan Blair and Sampson, LLP.
Since 2005, Heidelberg is self employed and has worked exclusively on legal title opinions for oil and gas transactions located within the Permian Basin. Brad's oil and gas title work is associated with an estimated $350MM in transactional value to date.
In the Media:
Permian Basin Industry Outlook - Geological Survey Paints Bright Future www.pbog.com/index.php
New Mexico State Land Office - Oil and Gas, Minerals Map Service landstatus.nmstatelands.org/OandG.aspx
the following links are under construction along with the Doral energy website
Read the Equities Magazine Article - www.doralenergy.com/Article.pdf
Watch the Doral Video - www.doralenergy.com/video.html
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