Vanguard Energy has reported that two additional wells have been completed in the Batson Dome Oil field located in Southeastern Texas.
Three wells, which include these two additional wells and another well drilled during January, were financed from the company's profits during November 2011 IPO. These three wells bring the number of successful wells drilled by the company so far to seven.
According to Warren M. Dillard, the CEO and President of Vanguard, all the wells are expected to produce around 25-30 barrels per well in a day, after the new wells attain their settled rate of production. This is similar to the standard set by the company based on previous experience, he stated.
During early April, the company will start to drill three additional wells in the Batson Dome Oil field. These wells will be the company's first wells located based on the three dimensional seismic study’s data, completed in the early part of 2012. By conducting 3-D seismic studies, the accuracy of the drill program will be greatly improved and this will continue to play a significant role as Vanguard’s drill program expands.
The company is looking forwards to purchase further acreage for the drill program, which is a part of Vanguard’s aggressive extension campaign that concentrates on the purchase of strategically sited leases. Vanguard produced oil during February and March 2012, which is 3,426 barrels and 4,863 barrels, respectively. Hence the company’s total production of oil became 50,000 barrels from the time it began production in January 2011.
Source: http://www.vanguardenergycorp.com/