Voyager O&G announced strong acreage positions, oil and gas production and revenue growth for full year 2010. For the year, the Company reported oil and gas revenues of $942,840. Fourth quarter revenues were $493,000, representing sequential growth of 85.7% over the third quarter revenue figure of $265,000. Second to third quarter sequential revenue growth was 63.2%.
During the year ended December 31st, 2010, the Company reported oil production of 13,198 barrels and natural gas production of 3,489 McF for a total of 13,780 in barrel of oil equivalent. For the year, the average sales price of oil was $70.26 per barrel and natural gas was $4.44 per McF. This compares very favorably to the average production cost for oil of $9.87 per barrel and $0.21 per McF for natural gas. As of year-end 2010, the Company has seven gross wells and 0.74 net wells in which it holds working interests.
J.R. Reger, CEO commented, "2010 was an excellent first year for Voyager. We have achieved some significant milestones during the year, and look forward to continued strength and growth into 2011 and beyond. We will continue to focus on exploring for and developing oil with the leases that we control as well as continue to expand our acreage positions. In 2011 we expect to drill approximately six net Bakken/Three Forks wells, a minimum of six net Niobrara wells and we expect to continue our aggressive acreage expansion. Thanks to a strong balance sheet and proven operating strategy, we believe that we are well positioned to take advantage of opportunities in the marketplace as they develop."
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