Vanguard Energy Corporation (OTCQX: VNGE), an oil development and production company, announces the completion of its 13th well at the Batson Dome Field in Southeast Texas.
The well has been completed and is producing oil at attractive rates, meeting the Company's expectations. The Company decided to continue drilling in the Batson Dome Field at the present time instead of pursuing the previously announced plan to drill its first well at the recently acquired acreage at Hull-Daisetta due to the more attractive economics being experienced at Batson Dome.
Gross production for the Company in December 2012 was 7,000 barrels of oil, setting a new high in monthly production volume. The Company continues to receive attractive pricing for its oil with a premium to WTI pricing of $11.75 per barrel due to its proximity to Gulf Coast refineries.
The Company also announced today that it is seeking ways to accelerate shareholder value. In that regard, it is investigating the possibility of selling its interest in oil and gas properties in Southeast Texas. The Company has not received any offers for its properties nor has it established a price it would consider for its properties. If the Company reaches an agreement to sell at a price it considers attractive, the net proceeds, after repayment of convertible debt and other liabilities, would be used to acquire new leases in East Texas with strong potential for value creation. The Company emphasized that it is not committed to selling any of its properties and will continue with its current development drilling program.
About Vanguard Energy
Vanguard Energy 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 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. For more information visit the Company's web site at www.vanguardenergycorp.com.
Source: Vanguard Energy
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