CLEVELAND, May 19, 2009 (GLOBE NEWSWIRE) -- John D. Oil and Gas Company (OTCBB:JDOG) today announced it had a net income from operations of $120,613 for the three months ended March 31, 2009 compared to $58,395 for the same period of 2008. This increase was largely due to higher production in 2009 due to more wells on-line which was partially offset by the increase in depletion from higher capitalized costs of new wells. The Company currently has 58 wells in production.
The Company also reported net income attributable to John D. interests of $145,287 for the first three months of 2009 compared to $93,981 for the same period of 2008 and a net loss attributable to its non-controlling interest in Liberty Self Stor LTD of $24,674 and $35,583, respectively.
Total revenues from operations and interest income increased $382,519, or 36.2%, to $1,440,359 for the three months ended March 31, 2009 from $999,445 for same period of 2008. The increases are largely the result of higher oil and natural gas production from an increase in producing wells.
"We remain committed to our business plan but have slowed our drilling program in 2009 due to the high cost of drilling new wells and the low market price of natural gas," stated Gregory J. Osborne, the Company's President and Chief Operating Officer. "Although 2009 will be a challenging year for us, we continue to look for opportunities that may arise in this volatile market."
About John D. Oil and Gas Company
The Company entered into the business of extracting and producing oil and natural gas products in Northeast Ohio in 2006. The Company currently also retains one self-storage facility located in Painesville, Ohio.
Forward-Looking Statements
Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors, including risks related to the Company's future business plans, that are beyond the Company's ability to control or estimate precisely. The Company cannot guarantee success under its business plan as drilling wells for oil and gas is a high-risk enterprise and there is no guarantee the Company will become profitable. These and other risk factors are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.