HOUSTON, TX -- (Marketwire) -- 05/24/12 -- Vanguard Energy Corporation (OTCQX: VNGE) (OTCBB: VNGE), an oil development and production company, today announced that the Company has acquired a new lease covering 45 gross acres in the Hull-Daisetta field located in Liberty County, Texas. The field sits atop a salt dome and is located approximately 10 miles south of the Company's current lease holdings at the Batson Dome. Mr. Dillard observed, "This new lease provides us with a foothold in another field that will open up new opportunities for us. As we continue to meet our objective of expanding our acreage position, this new lease will provide us with significant additional drilling locations which will enable us to further expand our drilling program and build cash flow and reserves."
The Hull-Daisetta Dome has geologic characteristics similar to the Batson Dome as well as substantial production history that provides guidance for well placement. Acquiring a lease position in the Hull-Daisetta Dome is consistent with the Company's basic business model of redeveloping established fields in East Texas with good production history, but using prior era production techniques which did not match today's technologies. The Company's new lease is also nearby current production, which facilitates efficiency of drilling and operational management and use of service providers with whom the Company has had excellent experience and relationships.
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 500 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 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.
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