Vanguard Energy Corporation Announces Quarterly Financial Results
12 Août 2013 - 8:29PM
Marketwired
Vanguard Energy Corporation (OTCQX: VNGE), an oil development and
production company, today announced its results of operations for
its Fiscal Year 2013 third quarter ending June 30, 2013.
Financial highlights for this quarter include:
- Revenue from oil sales for the nine months ending June 30, 2013
was $3,700,952, an increase of 50% from the nine-month period
ending June 30, 2012 of $2,459,575.
- For the nine months ending June 30, 2013 net income was
$173,514 compared to a loss of ($56,452) for the nine months ending
June 30, 2012.
- Revenue from oil sales for the quarter ending June 30, 2013 was
$1,135,938, an increase of 33% from the comparable quarter ending
June 30, 2012 of $851,899.
- Net income (loss) for the quarter ending June 30, 2013 was
($28,066) compared to ($328,199) for the same period of 2012.
- The Company produced 49,874 gross barrels of oil during the
nine months ending June 30, 2013. Production for the quarter ending
June 30 2013 was 15,439 gross barrels of oil compared to 15,637 for
the quarter ending March 31, 2013 and 12,359 for the quarter ending
June 30, 2012.
The Company has completed its drilling program for the current
fiscal year and is developing plans for its next drilling program
for its Batson Dome Field in southeast Texas. The Company has
developed about 25% of the total area of its field to date and is
exploring various options to finance the continuation of its
drilling efforts.
Current oil production provides the Company with positive
operating net cash flow. Cash flow has benefitted from recent
significant reductions in general and administrative costs. Some of
these cost savings were implemented during the quarter ending March
31, 2013 and were fully realized in the quarter ending June 30,
2013. More savings were implemented during the quarter ending June
30, 2013. Therefore, the Company expects the current quarter's
G&A to show even further savings, which will be reflected in
our next financial report.
About Vanguard Energy Corporation
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 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 over 500 strategic acres with substantial oil reserves.
For more information visit the Company's web site at
www.vanguardenergycorp.com.
Safe Harbor
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.
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