Vanguard Energy Corporation Announces Results of Drilling
13 11월 2012 - 1:00AM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, today announced that the Company has
successfully brought three more recently completed wells into
production.
The Company put the three new wells on its Batson Dome Field in
southeast Texas into production at collective rates that meet or
exceed average rates for the field. The three wells, financed with
proceeds from the Company's recently completed convertible debt
financing, have enabled the Company's total production to exceed a
total of over 6,000 barrels in October, a new record. The Company
recently renegotiated its contract with SUNOCO and now sells its
production at an $11 premium to posted WTI pricing.
Continuing its development program, the Company has permitted
one additional drill location at Batson Dome and will commence
drilling that well shortly. The Company has also identified its
first well location at the recently acquired acreage in the Hull
Field located in Liberty County, Texas. Final preparations to
permit that well are under way and it is expected that drilling
will commence before yearend.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said, "I am
very pleased to have these three wells successfully completed and
in production. More important is the fact that we are continuing
our drilling program with another well at Batson Dome and our first
well in the Hull Field in Liberty County. I anticipate that these
new wells will be completed and in production shortly and I look
forward to announcing those results."
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 web site 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 1330 Post Oak Boulevard, Suite 1600 HOUSTON, TEXAS
77056 (713) 627-2500 (tel) (713) 963-4663 (fax)
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