Vanguard 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."
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