Vanguard Energy Corporation (OTC:VNGE) has announced that after further review, the third party reserve engineering firm which licenses the Company’s annual reserve report has increased its estimate of the Company’s September 30, 2012 proved reserves to 725,882 barrels of oil, a 17% increase from the previously announced total of 620,000 barrels.
Vanguard Energy Corporation (OTC:VNGE) has announced that after further review, the third party reserve engineering firm which licenses the Company’s annual reserve report has increased its estimate of the Company’s September 30, 2012 proved reserves to 725,882 barrels of oil, a 17% increase from the previously announced total of 620,000 barrels.
As quoted in press release:
We were reasonably happy with the previous reserve report so this significant upward revision in total proved reserves is very good news to the Company and our shareholders. Not only do we provide over $3.40 in PV-10 for every share of stock but the PUD component of our proved reserves provides ample room for production growth in the coming years as we work to accelerate our development drilling program.
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