Oil development and production company Vanguard Energy Corporation will be selling all its interests and equipment from the company’s only working oilfield. Vanguard says its Batson Dome Field, located in southeast Texas, will sell for $5.5 million to “an unrelated third party.”
Warren Dillard, President of Vanguard Energy, said, “This sale has been contemplated by the Company for some time and is the culmination of efforts by the Company to determine whether to continue operations or sell its assets at the best price possible.”
The field first went into production in January 2011, and Vanguard went public ten months later. Within the first year, the modest 500 acre field had reached a total output of 50,000 barrels.
The money obtained from the sale will be put toward paying down Vanguard’s debt.
OPEC’s Oil Collapse
In other parts of Texas, oil companies both big and small seem to be unable to fail. One little driller in West Texas has consistently provided strong returns on its operations in the Permian Basin “petroplex.” With OPEC production slipping, big things are on the horizon for the little guys in Texas.