Vanguard Energy Corporation Announces Increased Reserves
19 11월 2012 - 9:45PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, today announced that as of September 30, 2012
the value of its proven oil reserves based on a PV-10 calculation
had risen to $35.8 million, up 13% over the same date a year ago.
This PV-10 valuation is based on 620,000 barrels of proven
reserves, which is an increase of approximately 3% over the
comparable amount at September 30, 2011, and is after a year in
which the Company produced approximately 48,500 barrels of oil from
the field, giving it a reserve replacement rate of 125%. This
growth in proved reserves demonstrates the viability of both the
Batson Dome Field and the new well drilling program implemented by
the Company. Further, it reported that production grew from 3,350
barrels per month in October 2011 to 6,300 barrels in October 2012,
a demonstration of the growth trajectory of the Company.
Of the total 620,000 barrels of proven reserves, approximately
30% is considered PDP (proved developed producing), 12% is
categorized as PDNP (proved developed non-producing) or behind pipe
reserves and 58% is PUD (proved un-developed). This PUD component
provides the Company with substantial growth opportunity through a
low-cost, low-risk development drilling program.
The Company recently announced that two new wells are scheduled
to be drilled before the end of the calendar year, which should not
only further increase production, but also continue the trend of
moving reserves to the Proved category. Of these new wells one will
be the first well drilled at its recently acquired acreage at the
Hull-Daisetta Field. The current reserve report contains no
reserves attributable to this field.
The Company engages an independent reservoir engineering company
to evaluate its lease positions at the end of each fiscal year to
determine the economic value of its proven reserves, assuming the
production over time of all recoverable oil that is proven to be in
place. Such calculation takes into consideration estimated future
oil prices and the capital and operating costs that would be
associated with such production, and then discounts those amounts
at a 10% annualized rate. This industry standard report is prepared
for SEC reporting purposes. Although the amount of acreage reported
on for these purposes was no greater than that of the prior year,
the increase was due to the company's successful completion of new
wells which demonstrated more extensively the presence of oil in
the ground. This is significant not only because of the amount of
the increase, but also after taking into consideration all of the
oil that had been taken from the reservoirs during the past
year.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said, "This
report is very gratifying as it confirms the overall success we
have had in finding new oil and further validates that inherent
value of our company by industry-wide standards. When we started
this Company we did so with a focus on building shareholder value,
and the fact that we were able to grow proven reserves by 125% of
our annual production demonstrates that commitment. We continue to
pursue our active drilling program including on the recently
acquired Hull-Daisetta field lease where success there will add
further reserves to these values."
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
history, 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. It has
expanded its reach with the acquisition of a leasehold position in
the Hull-Daisetta Field, about 10 miles south of Batson, confirming
its plans to expand to new fields as part of its growth strategy.
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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