HOUSTON, TX -- (MARKETWIRE) -- 11/12/12 -- Vanguard Energy Corporation (OTCQX: VNGE), an oil development and production company, today announced that the Company has successfully brought three more recently completed wells into production.
The Company put the three new wells on its Batson Dome Field in southeast Texas into production at collective rates that meet or exceed average rates for the field. The three wells, financed with proceeds from the Company's recently completed convertible debt financing, have enabled the Company's total production to exceed a total of over 6,000 barrels in October, a new record. The Company recently renegotiated its contract with SUNOCO and now sells its production at an $11 premium to posted WTI pricing.
Continuing its development program, the Company has permitted one additional drill location at Batson Dome and will commence drilling that well shortly. The Company has also identified its first well location at the recently acquired acreage in the Hull Field located in Liberty County, Texas. Final preparations to permit that well are under way and it is expected that drilling will commence before yearend.
Mr. Warren Dillard, President of Vanguard Energy, said, "I am very pleased to have these three wells successfully completed and in production. More important is the fact that we are continuing our drilling program with another well at Batson Dome and our first well in the Hull Field in Liberty County. I anticipate that these new wells will be completed and in production shortly and I look forward to announcing those results."
About Vanguard Energy
Vanguard Energy 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, 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. For more information visit the Company's web site at www.vanguardenergycorp.com
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.
Investor Relations Contact:
1330 Post Oak Boulevard, Suite 1600
HOUSTON, TEXAS 77056
(713) 627-2500 (tel)
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Source: Vanguard Energy Corporation