LEXINGTON, Ky., June 26, 2009 (GLOBE NEWSWIRE) -- NGAS Resources, Inc. (Nasdaq:NGAS), an exploration and production company focused on unconventional natural gas plays, principally in the southern portion of the Appalachian basin, today announced the results of its 2009 annual meeting of shareholders held on June 25, 2009. By a margin of over 85%, management's three proposals were adopted at the meeting by NGAS shareholders:
* Increase in the size of the board of directors from four to five members; * Election of four incumbent directors and a fifth director, Paul R. Ferretti, to fill the vacancy created by the expansion in the size of the board; and * Ratification of Hall, Kistler & Company, LLP as principal independent public accountants for the 2009 audit cycle.
NGAS is pleased to add Paul R. Ferretti as the newest member to the board of directors. Mr. Ferretti brings over 30 years of experience in the exploration and production (E&P) industry, initially as a highly regarded energy analyst and more recently as an investment banker with a focus on small to mid-cap E&P companies. Mr. Ferretti currently serves as a Managing Director and Head of Energy Investment Banking at Wunderlich Securities, Inc., a regional broker-dealer with 19 offices throughout the United States. Prior to joining Wunderlich in 2008, Mr. Ferretti spent four years with Ferris Baker Watts, Inc., where he was Senior Vice President-Energy Investment Banking.
William S. Daugherty, President and CEO of NGAS Resources, commented, "The addition of Paul to our board will enable NGAS shareholders to benefit from his extensive oil and gas as well as capital markets expertise." Mr. Daugherty added, "We look forward to Paul's contributions as we continue to grow the company."
About NGAS Resources
NGAS Resources is an independent exploration and production company focused on unconventional natural gas basins in the United States that provide repeatable drilling opportunities, principally in the southern portion of the Appalachian basin. Additional information, including the company's most recent periodic reports and proxy statement, can be accessed on its website at www.ngas.com.