Business summary (from the company website) Voyager Oil & Gas, Inc. combines low overhead, organic acreage acquisition and strong joint venture relationships to exploit its gas and oil prospects. Voyager Oil & Gas is headquartered in Billings, MT, operating for the purposes of acquiring acreage in prospective natural resource plays across the continental United States. Our business is focused on properties in Montana and North Dakota, and has expanded to target properties in Northeastern Colorado and Southeastern Wyoming.
Voyager is another small player operating primarily in the Bakken and Niobrara formations. As of May 17, 2011, the company controlled approximately 141,500 net acres in the five primary prospect areas comprising 28,000 net acres targeting the Bakken/Three Forks in North Dakota and Montana; 14,200 net acres targeting the Niobrara formation in Colorado and Wyoming; 800 net acres targeting a Red River prospect in Montana; 33,500 net acres in a joint venture targeting the Heath Shale formation in Musselshell, Petroleum, Garfield, and Fergus counties of Montana; and 65,000 net acres in a joint venture in the Tiger Ridge gas field in Blaine, Hill, and Chouteau counties of Montana.
The 3rd quarter report included record revenues of $2.8M (up 76% over the previous quarter) and an 86% increase in oil production over the previous quarter.
The company has about $22M in cash and $15M in debt. Shares are currently trading in the low to mid $2 range and reached a high of $7.50 in March 2011. The average analyst target price is $4.65.
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