On May 7, 2005, about 1700 eastern daylight time, a Piper PA-28-140, N98117, registered to Georgia Cherokee Air Shares 1, LLC, was ditched in the Atlantic Ocean approximately 9 nautical miles east-southeast from the St. Lucie County International Airport (KFPR), Fort Pierce, Florida. Visual meteorological conditions prevailed at the time and a visual flight rules flight plan was filed for the 14 CFR part 91 personal flight from Marsh Harbour International Airport, Marsh Harbour, Bahamas, to St. Lucie County International Airport. The airplane was not recovered and is presumed to be destroyed, while the private-rated pilot, and one passenger sustained minor injuries. The flight originated about 1430, from Marsh Harbour International Airport. The pilot stated that the inbound flight to Marsh Harbour lasted approximately 1.5 hours and was uneventful. After securing the airplane, he noted the fuel level in both tanks was approximately 1/2 inch below the tabs. The airplane was not flown between the inbound flight and the accident flight, and no fuel was not purchased. Prior to departure on the accident flight, he verified that the fuel level in both tanks appeared to be the same level following landing of the inbound flight. He estimated the fuel capacity was approximately 30 gallons at the time of the engine start for the accident flight. He further stated that because he knew the fuel consumption of the airplane to historically be approximately 8.5 to 9.0 gallons per hour, he did not perform fuel consumption calculations for either of the flights. After takeoff, the flight climbed to 8,500 feet where he noted the ground speed to be approximately 70-72 knots. He obtained winds aloft, and descended with ATC clearance to 6,500 feet msl, where he noted the ground speed average was approximately 85 knots, but fluctuated. When the flight was approximately 90 miles from the destination airport, and approximately the same distance to Freeport, Bahamas, he elected to continue to the destination airport. When the flight was approximately 20 miles from the destination airport, he descended to 3,500 feet and noted the groundspeed was approximately 90 to 95 knots. He also noted that the fuel gauges were showing decreasing quantity of fuel. When the flight was approximately 14 nautical miles from the destination airport with the fuel selector position to the right to tank, the engine sputtered. He yawed the airplane and raised the right wing, which gained him an additional 1 minute of sustained engine operation without engine sputtering. The engine then began sputtering, and he repositioned the fuel selector to the left fuel tank. The flight continued and the engine then began sputtering again. He again attempted to utilize all available fuel in the left fuel tank which was only momentarily successful. He advised the St. Lucie County International Airport Air Traffic Control Tower that he was "out of fuel 10 miles out"; the controller advised him that the Coast Guard was en route. The airplane nosed over after contact with the water and both occupants exited the airplane and were rescued by the U.S. Coast Guard. The pilot further stated that there was no mechanical malfunction or failure.