SOURCE: Vanguard Energy Corporation

Vanguard Energy Corporation

April 17, 2014 15:58 ET

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.