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Wednesday, March 16, 2011

VOG: Now Listed On AMEX; 2010 Operational Results; Less Than One Net Well in 2010; At Least 12 Net Wells in 2011

2010 operational results.

Data points (some numbers rounded):
  • Working interest in 7 gross (0.74 net) wells (not even one well)
  • Total production at end of year: 120 bopd
  • 100 percent success rate drilling the Bakken/Three Forks
  • One successful Niobrara discovery
  • Purchased 15,000 net acres; average price: $650/acre
  • Joint venture with Slawson: Denver-Julesberg Basin Niobrara Formation
Additional data points:
  • Now listed on AMEX (VOG)
  • Issued 12.5 million shares in February; netted $46.6 million; exercise price of $7.10
  • Average oil price for 2010: $70
  • Average production cost: $10/bbl
For 2011:
  • Expect to drill six net Bakken/Three Forks wells
  • Expect to drill a minimum of six net Niobrara wells

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