Vanguard Energy Corp. (OTC: VNGE) detailed Jan. 3 the results of operations for its fiscal year that ended Sept. 30, 2013. Revenues from oil and gas sales were up from 2012. But more net income was lost and shareholders’ equity declined, the company said. The 2013 fiscal year (FY) cost Vanguard less than FY 2012. And the company produced and sold more than 10,000 more barrels of oil than it did in FY 2012, the company added.
"The past fiscal year was one of consolidation during which only two more wells were drilled and completed, and those proved to not be very commercially satisfactory during the year. The company expended most of its available drilling funds early in the year, thus the year was primarily spent assessing the company's Batson Dome property to determine what the company's best strategy might be going forward,” Warren Dillard, president and CEO, said.
Dillard said that the company recently announced it was “seeking ways to accelerate shareholder value,” in the next FY, the company added.
Oil and gas revenues were $4,644,356, up from FY 2012’s $3,369,407. Net barrels of oil produced and sold were 45,758, up from FY 2012’s 35,597, the company said.
Net income for FY 2013 declined steeply. The loss was $3,399,031 compared to FY 2012’s $1,027,157, the company said. The most recent FY’s bigger loss was due to “significant non-cash deductions” that were part of a depreciation, depletion and amortization (DD&A), as well as an impairment charge of more than $3 million, the company added.
Shareholders' equity declined to ($131,398) from $3,267,633 for the prior year, Vanguard said.
FY 2012’s general and administrative costs were higher, at $1,564,475. FY 2013’s were $1,373,123, the company said.
Vanguard, an oil development and production company, had a properties evaluation and a new reserve report prepared, the company said. The report estimated the proved reserves’ production value to be $6.466 million.
The proved producing reserve (PDP) estimate was $3.845 billion (represented by 70,220 net barrels of oil). Non-producing reserves’ (PDNP) worth was estimated to be more than $2 million (represented by 54,148 net barrels of oil).
Vanguard is based in Houston.
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