HOUSTON, TX -- (Marketwire) -- 02/14/13 -- Vanguard Energy Corporation (OTCQX: VNGE), an oil development and production company, provides financial results of operations for the first quarter of its fiscal year 2013 compared to the same quarter for fiscal year 2012.
•Revenue from oil and gas sales increased 77% from $745,171 for the three months ended December 31, 2011 to $1,315,661 for the three months ended December 31, 2012. •Oil production for the for the three months ended December 31, 2012 was 19,020 barrels (gross) compared to 11,562 barrels (gross) for the three months ended December 31, 2011, an increase of 65%, and a 40% increase over the three months ended September 30, 2012. •Income from operations for the three months ended December 31, 2012 was $296,099, a 58% increase from the $187,773 reported for the three months ended December 31, 2011. •Net income for the three months ended December 31, 2012 was $210,768, more than a 1000% increase over the three months ended December 31, 2011. •Earnings per share for the three months ended December 31, 2012 were $0.02 compared with $0.00 for the three month ended December 31, 2011.
Mr. Warren Dillard, President of Vanguard Energy, said, "This was the best quarter in the company's short history. The substantial growth in oil and gas revenue is directly attributable to the growth in production and is enhanced by the new oil sales contract that gives us a premium of $11.75 per barrel over WTI posted prices, after transportation costs. This is possible because the Batson Dome field is so close to Gulf Coast refineries and the high quality of the oil we produce." Mr. Dillard went on to say, "We continue to work our business strategy and drill wells at Batson Dome, we recently drilled our 14th well at the field. Its prospects are excellent and we are presently developing a completion plan. Our current well economics deliver some of the best results in the industry. Our year-end reserve report shows we deliver to our shareholders a PV-10 of $3.40 per share, representing excellent value for our shareholders."
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.
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