Vanguard Energy has drilled its fifth well at the Batson Dome oil field, the place where over 400 strategically situated acres are controlled in southeastern Texas.
According to Warren M. Dillard, CEO and President of Vanguard, stated that this fifth well has been signified as the primary well of eight recent wells. Profits of the company’s IPO, completed during November 2011, will be funded to drill these wells. The new well drilled at the Batson Dome field has started producing oil. The company is expecting performance of the new well and also the average of the former wells, which will fulfill the company’s goals.
He added that the company has completed drilling a second well at Batson Dome, showing initial oil production, and has started drilling a third well. Once the drilling of this third well is over, then the company has drilled seven wells totally in the Batson Dome field and has intended to drill five additional wells in the future months.
As commented by Mr. Dillard, the company has shot one-half of its acreage using three- dimensional seismic and will shoot the other half at the earliest. The company is expecting the first shoot results to be announced in January in order to help the company for choosing upcoming drilling targets.
Source: http://vanguardenergycorp.com/