HOUSTON, TX — (Marketwire) — 05/14/12 — Vanguard Energy Corporation (OTCQX: VNGE) (OTCBB: VNGE), an oil development and production company, today announced financial results for its Fiscal Year 2012 second quarter ended March 31, 2011.
Revenue from oil and gas activities during the period was a record $862,505. The Company had revenue of $397,915 in the prior year–s second quarter. Income from operations was $91,222 for the 2012 second quarter compared with a loss in last year–s second quarter of $(227,246). Total net income for the period was $254,367 versus a loss of $(1,241,088) in last year–s second quarter. Earnings per share for the 2012 first quarter were $0.02 (based on 12,798,420 weighted average shares outstanding during the quarter). By comparison, last year–s second fiscal quarter showed a loss of $(0.18) per share. Net cash from operating activities totaled $275,569 for the six months ended March 31, 2012.
Vanguard–s President and CEO, Warren M. Dillard, commented: “We–re very pleased with our net income during the 2012 fiscal second quarter. As we look forward, we believe that our revenues will be materially enhanced by increased oil production from our new drilling efforts.”
Vanguard Energy recently completed drilling its seventh well in the Batson Dome oil field, where it controls more than 500 strategically located acres in Southeast Texas. Two additional wells are now in the early stage of drilling and are expected to be on line before the end of the current quarter.
Mr. Dillard observed that the company–s mission is to aggressively develop the acreage it currently has under control, having up to 50 potential well sites, and to actively seek additional lease opportunities within the Batson Dome field as well as pursue new leasing opportunities in other historic fields in the region.
Mr. Dillard commented further that as of March 31, 2011, the five completed wells in the Batson Dome field were collectively producing approximately 122 barrels of oil per day. Total production during the second quarter was 10,518 barrels of oil. “We expect the next wells to perform well since they will be the first whose locations were selected with the benefit of recently completed 3-D seismic reports.”
Warren Dillard, Chief Executive Officer of the Company and Dr. Jerry Bailey, Chairman of the Company, will present at the 13th Annual B. Riley Investor Conference at the Loews Santa Monica Beach Hotel in Santa Monica, California on Monday, May 21st at 4:00 PM (Pacific Time). The presentation will be webcast live via a link posted on the Company–s website in the investor presentation section at , and will be archived for ten (10) days on the Company–s website following the presentation. Warren Dillard and Dr. Jerry Bailey will be available for one-on-one meetings with investors during the conference.
Vanguard Energy Corporation 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 can apply its managerial expertise to maximize production while minimizing risk. Vanguard believes it can create significant 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 strategically located acres. For more information, visit: .
This press release and other statements Vanguard Energy Corporation 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 other 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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