Voyager Oil & Gas, Inc. (VOG) Announces 2011 Financial Results, Operational Update

2011 was an evolving year for Voyager Oil & Gas, which announced results for the 12-months and three-months periods ending Dec. 31, 2011. In 2011, the company increased its overall leasehold assets by almost 65 percent, acquiring 8,354 net mineral acres in the Willston Basin and bringing its total controlled net mineral acres there to 32,000. Voyager had revenues of $8.43 million for the year ending Dec. 31, 2011, which was a 794 percent increase over the previous year’s revenues.

Higher oil production and improved realized pricing drove revenues. Production was 98,011 barrels of oil equivalent (BOE) for the year ending Dec. 31, 2011, an increase of 84,231 BOE from the previous year.

Voyager is still in the early stages of its growth program, but the company’s strategy of acquiring prime acreage in key unconventional basins is already yielding value for shareholders. The company is awaiting completion of three net wells, which are anticipated to further increase Voyager’s production.

The company reported a net loss of $1.35 million for 2011, which was an improvement over the previous year’s net loss of $4.27 million. Voyager’s cash balance as of Dec. 31, 2011, was $13.93 million, which was an increase of $2.57 million over the previous year. The company’s capital expenditures for 2011 were $54.7 million as compared with approximately $33.4 million from the previous year. Around 34 percent of the company’s capital expenditures were dedicated to leasehold acquisition; about 66 percent was related to development, drilling, and completion activities.

Voyager Oil & Gas is an exploration and production company specializing in combining low overhead, organic acreage acquisition, and strong joint venture relationships to exploit its oil and gas prospects. The company’s focus is acquiring acreage in prospective natural resource plays across the continental U.S. Voyager’s primary business focus is targeting the Bakken and Three Forks formations of North Dakota and Montana.

For more information, visit the company’s Web site at www.voyageroil.com

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