HOUSTON, TX--(Marketwired - May 14, 2013) - Vanguard Energy Corporation (
Highlights
- Total gross production for the quarter was 15,637 barrels of oil, down slightly from the previous quarter due to natural declines.
- Net production of 13,062 bbls for the quarter.
- Gross revenue for the quarter was $1,256,187 as compared to $1,315,661 for the quarter ending December 31, 2012. Strong pricing substantially offset the slight production declines.
- Revenue for the first six months of the fiscal year was up 59% to $2,565,014 from $1,607,636 for the first six months of the previous fiscal year.
- Income from operations increased more than 225% from $91,222 reported the previous year (six month period?) to $296,430 for this reporting period.
Complete financial results can be found in our form 10-Q filed with the Securities and Exchange Commission.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said "During the quarter we experienced some natural decline in production. Our wells all have the potential of producing from multiple zones and as one zone nears the end of its commercial life we will experience a drop in production. We allow that decline to proceed until the decision is made to shut-in that zone and move up-hole and open a new zone. Our objective is to maximize production from each zone before cutting it off, which will periodically result in slight drops in production from that well. I think it's important to note that our daily production at the end of the quarter was approximately equal to what it was at the end of the previous quarter when we hit an all-time production high.
Mr. Dillard went on to say; "The management team, along with the Board of Directors, is focused on maximizing efficiencies and controlling costs. To that end, we recently have made significant cuts in our G&A that will be reflected in subsequent quarters. Also, we continue to explore every avenue available to grow the company and build 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.
