another record quarter for VOG
Here are some highlights from today's earnings report.
Third Quarter 2011 Highlights
Net income of $55,874 for the three months ended September 30, 2011;
Record quarterly revenues of $2,872,674, up 72% over the quarter ended June 30, 2011 and up 983% over the quarter ended September 30, 2010;
Record quarterly oil production of 33,319 barrels of oil equivalent (BOE), up 86% from 17,866 BOE in the quarter ended June 30, 2011 and up 898% from 4,264 BOE produced in the quarter ended September 30, 2010;
Adjusted EBITDA of $2,035,395 up 166% from $763,866 in the quarter ended June 30, 2011 and up from a loss of ($93,097) in the quarter ended September 30, 2010 primarily due to increased production operations, which is the third consecutive quarter for Voyager to yield positive adjusted EBITDA;
Acquired 2,996 core net acres during the quarter ended September 30, 2011 targeting the Bakken and Three Forks formations in North Dakota and Montana at an average price of $1,441 per net acre;
118 gross, 4.51 net wells targeting the Bakken-Three Forks that are in the process of being drilled or completed or which are producing as of November 8, 2011 in the Williston Basin; and
As of September 30, 2011, Voyager had a cash balance of $22,226,461.