Vanguard Energy Corporation Announces Record 1st Quarter Results
14 2월 2013 - 9:30PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, provides financial results of operations for
the first quarter of its fiscal year 2013 compared to the same
quarter for fiscal year 2012.
Highlights
- Revenue from oil and gas sales increased 77% from $745,171 for
the three months ended December 31, 2011 to $1,315,661 for the
three months ended December 31, 2012.
- Oil production for the for the three months ended December 31,
2012 was 19,020 barrels (gross) compared to 11,562 barrels (gross)
for the three months ended December 31, 2011, an increase of 65%,
and a 40% increase over the three months ended September 30,
2012.
- Income from operations for the three months ended December 31,
2012 was $296,099, a 58% increase from the $187,773 reported for
the three months ended December 31, 2011.
- Net income for the three months ended December 31, 2012 was
$210,768, more than a 1000% increase over the three months ended
December 31, 2011.
- Earnings per share for the three months ended December 31, 2012
were $0.02 compared with $0.00 for the three month ended December
31, 2011.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said, "This
was the best quarter in the company's short history. The
substantial growth in oil and gas revenue is directly attributable
to the growth in production and is enhanced by the new oil sales
contract that gives us a premium of $11.75 per barrel over WTI
posted prices, after transportation costs. This is possible because
the Batson Dome field is so close to Gulf Coast refineries and the
high quality of the oil we produce." Mr. Dillard went on to say,
"We continue to work our business strategy and drill wells at
Batson Dome, we recently drilled our 14th well at the field. Its
prospects are excellent and we are presently developing a
completion plan. Our current well economics deliver some of the
best results in the industry. Our year-end reserve report shows we
deliver to our shareholders a PV-10 of $3.40 per share,
representing excellent value for our shareholders."
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.
Vanguard Energy Corporation
First Quarter FY 2013 Financial Highlights
Three Months Fiscal Year Fiscal Year
Ended Ended Ended
December 31, September 30, September 30,
2012 2012 2011
------------- ------------- -------------
Oil and gas sales $ 1,315,661 $ 3,369,407 $ 1,899,584
Total costs and expenses 1,019,562 3,245,545 1,569,180
Income from operations 296,099 123,862 330,404
Plus:
Asset retirement obligation
accretion 4,474 8,922 3,260
Depreciation, depletion, and
amortization 369,336 844,299 264,657
Stock-based compensation expense - 59,700 258,731
Adjusted EBITDA (1) $ 669,909 $ 1,036,783 $ 857,052
Three Months Fiscal Year Fiscal Year
Ended Ended Ended
December 31, September 30, September 30,
2012 2012 2011
------------- ------------- -------------
Net cash from operating
activities $ (472,904) $ 383,083 $ 477,266
Changes in operating assets and
liabilities 863,497 556,796 295,517
Adjusted cash flow from
operations (1) $ 390,593 $ 939,879 $ 772,783
(1) We use "adjusted EBITDA" and "adjusted cash flow from
operations," non-GAAP financial measure for internal managerial
purposes, when evaluating period-to-period comparisons. These
measures are not measures of financial performance under U.S. GAAP
and should be considered in addition to the related GAAP
amounts.
We define adjusted EBITDA as income from operations before the
impact of depreciation, depletion and amortization for the period,
stock based compensation, and asset retirement obligation accretion
expense. We believe adjusted EBITDA is relevant because it is a
measure of cash available to fund our capital expenditures and
service our debt.
We define adjusted cash flow from operations as the cash flow
from operating activities without regard to changes in assets and
liabilities. We use this measure to provide additional transparency
into our business and to better understand the sources and uses of
cash.
Graphene and Solar Techn... (PK) (USOTC:GSTX)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Graphene and Solar Techn... (PK) (USOTC:GSTX)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024