|By Marketwired .||
|August 12, 2013 02:30 PM EDT||
HOUSTON, TX -- (Marketwired) -- 08/12/13 -- 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.
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.