Vanguard Energy Corporation Announces Upwardly Revised Reserve Report
05 12월 2012 - 9:00PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, today announced that after additional review,
the third party reserve engineering firm which certifies the
Company's annual reserve report has increased its estimate of the
Company's September 30, 2012 proved reserves to 725,882 barrels of
oil, a 17% increase from the previously announced total of 620,000
barrels. The new total represents a 22% increase from the 595,000
barrels the Company had on September 30, 2011.
The PV-10 valuation of the new total is $43.4 million, an
increase of 21% from the valuation of $35.8 million previously
announced and an increase of 35% from September 30, 2011, the
Company's prior fiscal year end.
The Company produced approximately 48,500 barrels of oil from
the field, giving it a reserve replacement rate of 370% based on
the new total proved reserves. This growth in reserves demonstrates
the viability of both the Batson Dome Field and the new well
drilling program implemented by the Company.
Of the total 725,882 barrels of proven reserves, approximately
32% is considered PDP (Proved Developed Producing), 11% is
categorized as PDNP (Proved Developed Non-Producing) or behind pipe
reserves and 57% is PUD (Proved Un-Developed), an unchanged amount
of PUD barrels from the prior year's report.
The Company's plan to drill two new wells before the end of the
calendar year remains unchanged. Of these new wells one was spudded
this week in the Batson Dome Field and the second 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 new 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, "We were
reasonably happy with the previous reserve report so this
significant upward revision in total proved reserves is very good
news to the Company and our shareholders. Not only do we provide
over $3.40 in PV-10 for every share of stock but the PUD component
of our proved reserves provides ample room for production growth in
the coming years as we work to accelerate our development drilling
program."
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.
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Investor Relations Contact: Brad Holmes EnergyIR (713) 654-4009
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