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Voyager Oil & Gas (VOG) Issues Update on Acreage Positions, Production and 2010 Revenue Growth

|Includes: Emerald Oil, Inc. (EOX)

Voyager Oil & Gas Inc., an exploration and production company based in Billings, Montana, currently controls roughly 138,000 net acres scattered throughout North Dakota, Montana, Colorado and Wyoming. The company yesterday provided strong acreage positions, oil and gas production and revenue growth for full year 2010.

“2010 was an excellent first year for Voyager. We have achieved some significant milestones during the year, and look forward to continued strength and growth into 2011 and beyond. We will continue to focus on exploring for and developing oil with the leases that we control as well as continue to expand our acreage positions. In 2011 we expect to drill approximately six net Bakken/Three Forks wells, a minimum of six net Niobrara wells and we expect to continue our aggressive acreage expansion. Thanks to a strong balance sheet and proven operating strategy, we believe that we are well positioned to take advantage of opportunities in the marketplace as they develop,” J.R. Reger, CEO of the company stated in the press release.

For the year, the company reported oil and gas revenues of $942,840. Fourth quarter revenues were $493,000, representing sequential growth of 85.7 percent over the third-quarter revenue reported at $265,000.

Highlights for 2010 include the company’s production from seven gross (0.74 net) wells in which it holds working interests, generating production at December 31, 2010, of approximately 120 barrels of oil per day; a 100 percent drilling success rate with 18 Bakken and Three Forks wells completed or completing, as well as one successful Niobrara discovery at December 31, 2010; the purchase of oil, gas and mineral leases totaling approximately 15,000 net mineral acres for an average of $650 per acre; and securing an exploration and development agreement with Slawson Exploration Company Inc. to develop Slawson’s 48,000 net acres in the Denver-Julesberg Basin Niobrara Formation in Weld County, Colorado. Slawson has set surface casing for 22 wells that it expects to drill in 2011. In this agreement, Voyager paid $7.5 million for a 50 percent working interest in the approximately 48,000 acre block. The company plans on participating on a heads-up basis on all wells drilled, as well as participate for its proportionate working interest in all additional acreage acquired in an area of mutual interest consisting of Weld and Laramie Counties.

At year end, Voyager reported a cash balance of $11.35 million.

During full year 2010, the company also reported oil production of 13,198 barrels and natural gas production of 3,489 McF for a total of 13,780 in barrel of oil equivalent.

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