Vanguard Energy Corporation reported an expanded drilling program and results of operations for its Fiscal Year 2012 third quarter ended June 30, 2012.
The Company has commenced drilling on the first of what is planned to be a new six well program to be completed in 2012 in the Company's oil fields in southeast Texas. A drilling rig was moved into position in early August and the first of these wells was spud on August 8. The Company plans to drill these new wells back to back with the same drilling rig and crew in place.
The Company recently announced the successful close of initial stages of a convertible debt offering raising a total of $6.8 million, including $3.05 million of rollovers of existing debt that was due on October 31, 2012. The new net cash will be used to fund the drilling of the new wells.