Voyager Oil & Gas, Inc., – the Billings, Montana-based firm engaged in exploration and production on some 147k total net acres in the US, with the majority of its efforts in oil shale, took some time to provide a drilling and completion update on its major prospects today.

CEO of VYOG, J.R. Reger, projected that the Company’s aggressive leasing in the Williston Basin Bakken/Three Forks would continue, and that development programs in the D-J Basin Niobrara and Tiger Ridge Gas field would proceed apace as VYOG is fully capitalized to execute on its acquisition and development strategy.

Reger noted the “strong cash position” and lack of debt as fundamental to the solidity of the Company’s current market position, which is flanked by substantial acreage and the logistical framework to drive even higher shareholder returns.

Williston Basin Bakken and Three Forks holdings consist of 24k acres (as of April 16). VYOG has 74 permits to drill Bakken wells (anticipated spud within 6 months), and an aggressive acreage acquisition program which targets non-operated working interests and leverages competitive advantages to lock down proven areas of high-quality production. VYOG has participated in six Bakken oil wells:

• Producing – Slawson (1.11%) Ripper #1-22H (Nov 23, 2009 spud) 2,369 BOEPD
• Producing – Brigham (7.71%) Ross-Alger 6-7 #1H (Apr 21 spud) 3,070 BOEPD
• Drilling – Brigham (0.1%) Larsen 3-10 #1H (May 17 spud)
• Drilling – Oasis (11.06%) Andre 5501 13-4H (June 14 spud)
• Drilling – Slawson (2.28%) Vixen #1-19-30H (June 24 spud)
• Rigging up – Oasis (0.22%) Ellis 5602 42-8H (July 21 spud)

D-J Basin Niobrara interests consist of 48k acres (as of June 28). VYOG is in a heads-up participation with Slawson Exploration for 50% working interest:

• Drilling – Slawson Bushwacker 24-11-67 (July 7 spud)

Montana-based Tiger Ridge Gas Field holdings consist of 65k acres, and sites are currently undergoing extensive seismic testing in anticipation of a three-well conventional gas drilling program with Devon Energy, which has two wells already spud and one slated for late Q3 10:
• Drilling – (35.78%) State 24-09-27-19 (June 15 spud)
• Drilling – (38.28%) Bonus LLC 28-15-27-19 (July 1 spud)
• Proposed – (21.88%) State 26-01-27-19 (Aug 15 spud)

Heath Oil Shale property consists of 33.5k acres in Central Montana, where VYOG has begun to see abundant permitting and anticipates participation in a number of wells projected to spud sometime in Q4 10. With a profile similar to the Bakken, and many of the same development partners, the Heath represents another excellent resource base for revenue generation.