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