Vanguard Energy Corporation Announces Year-End Results From Operations
28 Diciembre 2012 - 6:30AM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, provides financial results of operations for
the fiscal year ending September 30, 2012.
Highlights
- Revenue from oil and gas sales increased 77% to $3.4 million at
year end 2012 compared to $1.9 million for the previous year.
- Shareholder equity increased 412% from $0.64 million at year
end 2011 to $3.3 million for the year ending September 30,
2012.
- Total assets increased to $14.2 million at year end 2012 from
$5.5 million at year end 2011.
- The Company reports a per share loss of $0.09 for the year
ending September 30, 2012 compared to a loss of $0.15 for the year
ending September 30, 2011.
- Total expenses increased approximately 107% to $3.24 million
for the year ending September 30, 2012. This was due substantially
to the increased number of wells being operated and increased
production volumes which resulted in increased lease operating
expenses, asset retirement obligations and DD&A. General and
administrative expenses increased 54% due primarily to the costs
associated with being a small publicly traded company.
- EBITDA, a non-GAAP financial measure which is defined and
reconciled to most directly comparable GAAP measures in the
attached financial table grew 63% to $977,083 at year end
2012.
- Operating net cash grew 105% from $355,619 at year end 2011 to
$727,349 for the year ending September 30, 2012.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said, "Without
doubt, 2012 was a very busy year for Vanguard, beginning with our
IPO at the end of 2011 and highlighted by the successful
implementation of our development drilling program at our Batson
Dome field in SE Texas. These efforts have yielded significant
growth in production, reserves, revenue, cash flow and most
importantly, shareholder equity. As satisfying as these results
are, it is just the beginning. We expect to announce results of our
most recent well drilled at Batson Dome sometime in early January.
The well is drilled and is in final stages of completion."
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.
Financial Highlights
2012 2011
Sales 3,369,407 1,899,584
Total Costs & Expenses 3,245,545 1,569,180
Income from Operations 123,862 330,404
Asset Retirement Obligation 8,922 3,260
D D & A 844,299 264,657
EBITDA 977,083 598,321
Net Interest Expense (250,734) (242,702)
Operating Net Cash 727,349 355,619
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