HOUSTON, TX--(Marketwire -01/04/12)- Vanguard Energy Corporation (OTC.BB: VNGE.OB - News), an oil drilling and production company, announced today that it has completed its fifth well in the Batson Dome oil field, where it controls more than 400 strategically located acres in Southeast Texas.
Vanguard's President and CEO, Warren M. Dillard, commented that this represents the first of an estimated eight new wells whose drilling will be funded from the proceeds of Vanguard's IPO that was completed in November 2011. "This new well in the Batson Dome field is now on pump and producing oil and we are very pleased with the results so far. We expect the well to perform as well as the average of our previous wells, which will put us on target to fulfill our objectives."
"In addition, a second well is now being completed at Batson Dome, with preliminary shows of oil, and drilling has commenced on a third well. When the third well is completed, Vanguard will have drilled a total of seven wells in the Batson Dome field in a little more than a year, with five more planned to be drilled in the coming months."
Further, Mr. Dillard stated, "Vanguard has completed shooting one-half of its acreage with 3-D seismic, with the other half to be shot soon. The results of the first shoot will be available in January to assist the Company in selecting future drilling locations even more effectively."
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 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 more than 400 strategically located acres. For more information, visit: www.vanguardenergycorp.com.
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.
Victor P. Thompson