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EnigmaDude (93.36)

another record quarter for VOG

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November 08, 2011 – Comments (2) | RELATED TICKERS: EOX

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.

2 Comments – Post Your Own

#1) On November 08, 2011 at 12:59 PM, TMFBabo (100.00) wrote:

I've seen you write about Voyager from time to time. Do you own it? Also, why VOG over other micros?

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#2) On November 08, 2011 at 2:21 PM, EnigmaDude (93.36) wrote:

Yes, I have a rather large (for me) position in VOG in my IRA.  I came across them a while ago and was impressed with their business model which primarily involves a royalty-based approach to exploration and production.  From their website:

Voyager Oil & Gas, Inc. combines low overhead, organic acreage acquisition and strong joint venture relationships to exploit its gas and oil prospects.

They are well-positioned in some of the up and coming shale gas plays like the Bakken and Niobrara formations as well as some lesser known areas of Montana and North Dakota (like the Heath oil play) that I believe have excellent long-term potential.  They are ramping up production and are just starting to realize profits so I think they have a lot of upside potential that is yet unrecognized and under the radar of most analysts.

I intend to continue adding to my position on dips and expect significant returns over the next 5 to 10 years or more, unless they get bought out before then.

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