SOURCE: Vanguard Energy Corporation

Vanguard Energy Corporation

April 09, 2012 08:30 ET

Vanguard Energy Corporation Completes Two More Wells at Batson Dome

HOUSTON, TX--(Marketwire - Apr 9, 2012) - Vanguard Energy Corporation (OTCBB: VNGE), an oil drilling and production company, today announced the completion of two additional wells in the Batson Dome Oil Field of Southeast Texas where it controls 500 strategically located acres. These wells, plus one completed in January, total three new wells financed by proceeds from the Company's November 2011 IPO so far, and brings the total number of successful wells to seven that the Company has drilled in just over a year.

Vanguard's President and Chief Executive Officer, Warren M. Dillard, commented, "Upon the new wells reaching their settled production rate, we expect all of our wells will continue to produce an average of approximately 25-30 barrels per day per well. This is on par with the standard set by our earlier experience."

Vanguard will commence drilling three more wells in the Batson Dome Oil Field in early April. Significantly, these will be the first of the Company's wells to be sited based on data from the 3-D seismic studies that Vanguard completed earlier this year. Mr. Dillard stated that the 3-D seismic studies greatly enhance the potential accuracy of the drilling process, and will continue to play a major role as Vanguard expands its program.

Vanguard also seeks to acquire additional acreage available for drilling as part of its aggressive expansion program focusing on the acquisition of strategically located leases. The Company produced 3,426 barrels of oil in February 2012, and 4,863 barrels of oil in March 2012. This brought total oil production for the Company to 50,000 barrels since commencing production in January 2011.

About Vanguard Energy Corporation
Vanguard Energy Corporation is an oil development and production company focusing on developing older, established domestic, land-based oil fields that have a proven history and substantial remaining reserves. With newer drilling and production techniques, Vanguard is able to recover considerable reserves from relatively shallow deposits. Its first leases encompassed 230 acres on the famous Batson Dome Field in Southeast Texas. Vanguard subsequently acquired control of another 270 acres immediately adjacent. Vanguard plans extensive development of the present leases with no minimum spacing limitations under Texas Railroad Commission rules. It has the capacity to drill on these leases for several years with the proceeds of the recent public offering and the free cash flow from existing wells. For more information, visit:

Safe Harbor
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 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.

Contact Information

  • Contact:
    Victor P. Thompson
    Investor Relations