Vanguard Energy Buys New Texas Lease

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Description

Bought new 45-acre lease in Hull-Daisetta Field in Liberty Co., TX.

Vanguard Energy Corp., Houston, (OTCBB: VNGE) has acquired a new lease covering 45 gross acres in the Hull-Daisetta field located in Liberty County, Texas.

The field sits atop a salt dome and is approximately 10 miles south of the company's current lease holdings at the Batson Dome. The Hull-Daisetta Dome has geologic characteristics similar to the Batson Dome and substantial production history that provides guidance for well placement. The company's new lease is also nearby current production, which facilitates efficiency of drilling and operational management and use of service providers.

Vanguard president and chief executive Warren Dillard says, "This new lease provides us with a foothold in another field that will open up new opportunities for us. As we continue to meet our objective of expanding our acreage position, this new lease will provide us with significant additional drilling locations which will enable us to further expand our drilling program and build cash flow and reserves."