Vanguard Energy Corporation announced the completion of two additional wells in the Batson Dome Oil Field of Southeast Texas where it controls 500 strategically located acres. These wells, plus one completed in January, total three new wells financed by proceeds from the Company's November 2011 IPO so far, and brings the total number of successful wells to seven that the Company has drilled in just over a year.
Vanguard's President and Chief Executive Officer, Warren M. Dillard, commented, "Upon the new wells reaching their settled production rate, we expect all of our wells will continue to produce an average of approximately 25-30 barrels per day per well. This is on par with the standard set by our earlier experience."
Vanguard will commence drilling three more wells in the Batson Dome Oil Field in early April. Significantly, these will be the first of the Company's wells to be sited based on data from the 3-D seismic studies that Vanguard completed earlier this year. Mr. Dillard stated that the 3-D seismic studies greatly enhance the potential accuracy of the drilling process, and will continue to play a major role as Vanguard expands its program.
Vanguard also seeks to acquire additional acreage available for drilling as part of its aggressive expansion program focusing on the acquisition of strategically located leases. The Company produced 3,426 barrels of oil in February 2012, and 4,863 barrels of oil in March 2012. This brought total oil production for the Company to 50,000 barrels since commencing production in January 2011.
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