Vanguard Energy Corporation Announces Three New Producing Oil Wells
23 10월 2012 - 2:54AM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, today announced that the Company has
successfully drilled and completed three new oil wells on the
Batson Dome Field in Southeast Texas. The new wells cost
approximately $700,000 each and were drilled to a depth of
approximately 3,000-4,000 feet.
Mr. Warren Dillard, President of Vanguard Energy, said, "We are
very pleased with the initial results of this new drilling." The
wells were financed with a portion of the proceeds from the
Company's recently completed convertible note financing. The early
production rates on the wells are on par with expectations and well
above target production standards set by previous Batson Dome wells
of approximately 20 barrels of oil per day per well.
Exact production rates will vary from well to well because of
the nature of the field, which is highly fractured being on top of
a salt dome. Also, the wells are producing from pay zones that are
different in size and ultimate recovery rates. The company's wells
are conventional, vertically drilled wells with no laterals and
require no fracing. They produce oil only, no natural gas.
The Company utilized data from a 3-D seismic survey completed
earlier this year on about half its lease position at Batson and
this has proven extremely valuable in selecting exact well
locations that will maximize the ultimate recovery of oil and basic
well economics. The use of this data greatly enhances the accuracy
of the drilling process and will continue to be of significant
value as the Company expands its drilling program.
Due to the success of the seismic, the balance of the survey
will be completed soon. The Company believes it has more than 50
potential total drilling locations on its current acreage in Batson
Dome; this will be better determined once all the 3-D data is
assembled and available for analysis.
The Company is currently producing at a rate of approximately
6,000 barrels of oil per month, which it will sell at a significant
premium of $11.75 per barrel over normal WTI prices effective
November 1, 2012. This important price differential is possible
because of the proximity of the Batson Dome Field to several large
refineries in Southeast Texas as well as the high quality oil the
field produces.
Management Comments
"Although these wells do not have extremely high IP (initial
production) rates, generally good wells in this field experience
only a slow, gradual decline and they produce at predictable rates
for the life of the well. This is possible since they produce from
multiple zones and we can move up pipe to fresh zones as lower ones
deplete. Well economics are still compelling with IRR's (Internal
Rates of Return) between 80% and 100%, which is rare in today's
market," Mr. Dillard went on to say.
"We are anxious to complete the 3-D seismic survey on our
acreage and identify additional potential drilling locations for
the field. It is possible that when we get off the salt dome we
might encounter much deeper and more prolific production
prospects."
Additional Leases Added
The Company has also added to its acreage position in the
Hull-Daisetta Field, located approximately 10 miles south of the
Batson Dome Field, and is preparing to drill at that location. It
is expected the first well in the Hull-Daisetta Field, which is
also over a salt dome, will begin later this year. The Company
continues its efforts to increase its acreage position at
Hull-Daisetta as part of its aggressive expansion program in
Southeast Texas.
About Vanguard Energy
Vanguard Energy is an oil drilling and production company with a
focus on established oil fields in southeast Texas. Concentrating
on oil properties in established areas with proven production,
Vanguard applies its managerial expertise to maximize production
while minimizing risk. Vanguard is focused on creating shareholder
value by building cash flow and oil reserves through an aggressive,
focused acquisition and development program in the prolific
southeast Texas oil producing region. Vanguard's initial area of
operation is in the famous Batson Dome Field where it controls 500
strategic acres with substantial oil reserves. For more information
visit the Company's website at www.vanguardenergycorp.com
Safe Harbor
This press release and other statements Vanguard Energy may make
in the future contain forward-looking statements that relate to
Vanguard's plans, objectives and future estimates. Various risks,
uncertainties and other factors could cause actual results to
differ materially from those expressed in any forward-looking
statements. For a more detailed list of such risks, uncertainties
and other factors, please refer to the Risk Factor section of
Vanguard's Registration Statement on Form S-1 and in its periodic
filings with the Securities and Exchange Commission. Vanguard makes
no commitment to update any forward-looking statement, or to
disclose any facts, events, or circumstances after the date of this
release that may affect the accuracy of any forward-looking
statement, except as may be required by applicable law.
Investor Relations Contact: Brad Holmes EnergyIR (713) 654-4009
Email Contact
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