Oxford, MS 8/9/2011 (PennyPayDay) -- Voyager Oil & Gas, Inc. (AMEX:VOG) announced today, in a press release, 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.
J.R. Reger, Voyager's Chief Executive Officer commented: "Despite the extraordinary challenges for our operators in the second quarter due to weather issues in the Williston Basin, we are pleased to announce our record sales and production results to our investors, and expect to continue posting record operating results over the next two quarters and through 2012. Voyager achieved record results in virtually all of our financial and production performance measurements. These results were driven by our non-operator business model of acquiring strategic leases targeting the Williston Basin Bakken and Three Forks which is proving itself quarter after quarter. We will continue to focus on exploring for and developing oil with the leases that we control, as well as expand our acreage positions. We also acquired 2,232 core net acres in July of 2011 targeting the Bakken and Three Forks formations in North Dakota and Montana at an average price of $1,282 per net acre."
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