Voyager Oil & Gas, Inc. Reports Record Oil and Gas Production, Revenue and Adjusted EBITDA for Its Second Quarter
(from the company's press release issued today)
Voyager Oil & Gas, Inc. (AMEX:VOG), announces record oil and gas production, revenue and adjusted EBITDA for the second quarter ended June 30, 2011. During the quarter ended June 30, 2011, Voyager reported revenues of $1,666,535. This represents an increase of 101% from $832,621 in the first quarter ending March 31, 2011 and an increase of 925% from $162,548 in the quarter ended June 30, 2010. This increase in revenue is due primarily to production from 24 gross (1.13 net) producing Bakken and Three Forks wells as of June 30, 2011.
Second Quarter 2011 Highlights
Record quarterly revenues of $1,666,535, up 101% over the quarter ended March 31, 2011 and up 925% over the quarter ended June 30, 2010.
Record quarterly oil production of 17,866 BOE, up 74% from 10,261 in the quarter ended March 31, 2011 and up from zero production in the quarter ended June 30, 2010.
Adjusted EBITDA of $763,866 up 181% from $271,476 in the quarter ended March 31, 2011 and ($873,657) in the quarter ended June 30, 2010 primarily due to increased production operations. This is the second consecutive quarter to yield positive adjusted EBITDA.
Acquired 5,262 core net acres during the quarter targeting the Bakken and Three Forks formations in North Dakota and Montana at an average price of $1,570 per net acre.
63 gross, 3.13 net wells targeting the Bakken-Three Forks in the drilling, completing or producing stage as of June 30th, 2011 in the Williston Basin.
As of June 30th, 2011, Voyager had a cash balance of $31,596,324.
(I am long VOG in my IRA and intend to hang on to my shares for a long time as I expect the growth to continue)