Vanguard Energy Corporation Announces Sale of Batson Dome Field
17 Abril 2014 - 2:58PM
Marketwired
Vanguard Energy Corporation Announces Sale of Batson Dome Field
HOUSTON, TX--(Marketwired - Apr 17, 2014) - Vanguard Energy
Corporation (OTCQB: VNGE), an oil development and production
company, announced today that it has entered into an agreement with
an unrelated third party to sell all of Vanguard's working
interests and related equipment at its only operating field, the
Batson Dome Field in southeast Texas, for a gross price of
$5,500,000. The transaction is subject to approvals of Vanguard's
shareholders and the holders of its secured convertible notes in
the principle amount of $8,254,500 and is expected to close by the
end of May 2014 and be effective as of April 1, 2014.
Management Comments
Mr. Warren Dillard, President of Vanguard Energy, said, "This
sale has been contemplated by the Company for some time and is the
culmination of efforts by the Company to determine whether to
continue operations or sell its assets at the best price possible.
All of the net proceeds of the sale will be used to pay down the
principle of our outstanding secured debt obligations. Further
discussions with the note holders will follow regarding what will
be done to satisfy the remaining unpaid balances of principle and
unpaid interest."
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's initial area of
operation has been in the famous Batson Dome Field where it
controls 500 strategic acres with substantial oil reserves. 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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