HOUSTON, TX — (Marketwire) — 02/16/12 — Vanguard Energy Corporation (OTCBB: VNGE), an oil drilling and production company, today announced financial results for its fiscal 2012 first quarter ended December 31, 2011.
Revenue from oil and gas activities during the period was a record $745,171. The Company had no revenue in the prior year–s first quarter. Income from operations was $187,773 for the 2012 first quarter compared with a loss in last year–s first quarter of $(144,183). Total net income for the period was $17,380 versus a loss of $(172,399) in last year–s first quarter. Earnings per share for the 2012 first quarter were less than one cent (based on 12,695,000 fully diluted weighted average shares outstanding during the quarter). By comparison, last year–s first quarter showed a loss of $(0.03) per share. Net cash from operating activities totaled $208,418 for the fiscal 2012 period, also a record quarterly high.
Vanguard–s President and CEO, Warren M. Dillard, commented: “We–re very pleased with our net income during the 2012 fiscal first quarter, but we believe a more accurate measure of our potential is our positive operating cash flow since it is not affected by any non-cash charges. In addition, we believe that our revenues will continue to be enhanced by our ability to increase oil production from our continued new drilling efforts.”
Vanguard Energy recently completed drilling its fifth well in the Batson Dome Oil Field, where it controls more than 500 strategically located acres in Southeast Texas. This represents the first of up to eight new wells that will be funded from the proceeds of the Company–s IPO that was completed in November 2011. Two additional wells are now in the process of completion and are expected to be producing soon.
Mr. Dillard commented further that as of December 31, 2011, the four completed wells in the Batson Dome Field were collectively producing approximately 120 barrels of oil per day. “We expect the newest wells to perform on par with the average of our other wells, which will keep us on target to fulfill our objectives.”
Vanguard Energy Corporation 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 can apply its managerial expertise to maximize production while minimizing risk. Vanguard believes it can create significant 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 strategically located acres. For more information, visit: .
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.
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