HOUSTON, TX -- (Marketwire) -- 12/28/12 -- Vanguard Energy Corporation (OTCQX: VNGE), an oil development and production company, provides financial results of operations for the fiscal year ending September 30, 2012.
•Revenue from oil and gas sales increased 77% to $3.4 million at year end 2012 compared to $1.9 million for the previous year. •Shareholder equity increased 412% from $0.64 million at year end 2011 to $3.3 million for the year ending September 30, 2012. •Total assets increased to $14.2 million at year end 2012 from $5.5 million at year end 2011. •The Company reports a per share loss of $0.09 for the year ending September 30, 2012 compared to a loss of $0.15 for the year ending September 30, 2011. •Total expenses increased approximately 107% to $3.24 million for the year ending September 30, 2012. This was due substantially to the increased number of wells being operated and increased production volumes which resulted in increased lease operating expenses, asset retirement obligations and DD&A. General and administrative expenses increased 54% due primarily to the costs associated with being a small publicly traded company. •EBITDA, a non-GAAP financial measure which is defined and reconciled to most directly comparable GAAP measures in the attached financial table grew 63% to $977,083 at year end 2012. •Operating net cash grew 105% from $355,619 at year end 2011 to $727,349 for the year ending September 30, 2012.
Mr. Warren Dillard, President of Vanguard Energy, said, "Without doubt, 2012 was a very busy year for Vanguard, beginning with our IPO at the end of 2011 and highlighted by the successful implementation of our development drilling program at our Batson Dome field in SE Texas. These efforts have yielded significant growth in production, reserves, revenue, cash flow and most importantly, shareholder equity. As satisfying as these results are, it is just the beginning. We expect to announce results of our most recent well drilled at Batson Dome sometime in early January. The well is drilled and is in final stages of completion."
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 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. It has expanded its reach with the acquisition of a leasehold position in the Hull-Daisetta Field, about 10 miles south of Batson, confirming its plans to expand to new fields as part of its growth strategy. 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.
Financial Highlights 2012 2011Sales 3,369,407 1,899,584Total Costs & Expenses 3,245,545 1,569,180Income from Operations 123,862 330,404Asset Retirement Obligation 8,922 3,260D D & A 844,299 264,657EBITDA 977,083 598,321Net Interest Expense (250,734) (242,702)Operating Net Cash 727,349 355,619