Vanguard Energy Corporation Provides Financial Results for the Second Quarter of FY 2013
14 Mayo 2013 - 6:28AM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, provides financial results of operations for
the quarter ended March 31, 2013.
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.
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