Vanguard Energy Corporation Announces Upwardly Revised Reserve Report
05 12월 2012 - 9:30PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, announced today upon final analysis, that the
third party reserve engineering firm, which certifies the Company's
reserves, has increased the proved reserves to 725,882 barrels of
oil. This growth in reserves demonstrates the viability of both the
Batson Dome Field and the new well drilling program implemented by
the Company.
The proved reserves final total represents an increase of 17%
from the amount previously reported, concluding that there were
estimated reserves of 716,000 barrels. The new total represents a
20% increase from the 595,000 barrels the Company had in reserves
at its last fiscal year end of September 30, 2011.
The PV-10 valuation of the total is $43.4 million. This equates
to a $7.6 million increase (21%) from the valuation previously
reported of $35.8 million. It also represents an increase of 36%
over the Company's valuation at the end of it prior fiscal year
ending September 30, 2011.
The Company produced approximately 48,500 barrels of oil from
the Batson Dome Field this year. The reserve replacement rate of
270% is based on the finalized total of proven reserves. Of the
total 725,882 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).
The Company's plan to drill two new wells before the end of this
calendar year remains on target. The first well was spudded this
week near the last Batson Dome location that was very successfully
drilled and completed. The second well is scheduled to be drilled
at its recently acquired acreage at the Hull-Daisetta 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. It then discounts those amounts at
a 10% annualized rate. This is an industry standard report 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 upon final analysis and valuation, but also after
taking into consideration the oil depletion 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 Corporation
Vanguard Energy Corporation (VNGE) 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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