TVOC: Going private. Cash consideration $13.11 per share. Finra deleted symbol:

http://www.otcbb.com/asp/dailylist_detail.asp?d=10/20/2014&mkt_ctg=NON-OTCBB

TVOC gets 55% of revenues from gas and does NO hedging

TVOC earnings, due out by 11/15, should be strong for Q3 given the sharp rise in gas prices. Roughly 55% of Texas Vanguard Oil revenues are from gas (at current prices), and they are UNHEDGED …. at least no mention of hedging is made in any of their SEC filings. Last year their peak earnings quarter was Q3 with EPS of $0.27, fully taxed and diluted. TVOC looks like a bargain at $6.75, especially in view of their very large oil and gas reserves.

Quarterly earnings are somewhat unpredictable due to exploration costs which first appeared in Q2, as well as increased production costs, probably due to ‘workovers’ and maintenance of wells performed after the winter. Q1 EPS was $0.20, but Q2 EPS dropped to $0.12. However, longer term the exploration expense should be good news in view of the Company’s 8000+ net acres of undeveloped oil and gas property primarily in Texas. Production rose a modest 6% y/y in 2004 and hopefully that trend of increased production will accelerate in 2005 and going forward.

While TVOC seems to have the potential for explosive earnings growth, primarily I view it as an asset play on their substantial oil and gas reserves. Reserves, rather than earnings, are the primary measure for assessing an oil company’s value, especially in a takeover.

In the latest 10K filing TVOC claims proved reserves of 935k barrels of oil and 5975k MCF of gas. To put this in better perspective, those reserves significantly exceed the COMBINED reserves of ASPN and FPP as of their latest 10K filings. Together ASPN and FPP claim 883k barrels of oil and 3591k MCF of gas. The market cap of TVOC as of Friday’s close was a mere $9M, while the market cap of ASPN and FPP combined was a hefty $100M. Yet TVOC has 6% more oil reserves and 66% more gas reserves. Hard to believe, but that’s what the SEC filings indicate ! If given the same valuation as ASPN and FPP relative to reserves, TVOC would trade at $80 per share rather than $6.75. It won’t go to $80, but at least $10 seems like a good short term price target.

Undeveloped acreage is also substantial for TVOC. They report 8053 NET undeveloped acres of property, mostly in Texas, while ASPN and FPP together report 5138 acres of undeveloped property.

Granted, there are problems with TVOC such as the high insider ownership, the lack of any PR, the sparse detail in their 10Q’s, and the thin trade in the stock. On the other hand, the Company has been public for 25 years, formerly trading on the old Boston stock exchange under the symbol TVO and nobody can accuse Management of ‘pumping’ the stock. The reserves are being valued as though this Company were based in Kazakhstan rather than ‘good old Texas’.

PS I’m not being critical of ASPN or FPP, but the comparison is essential to understanding the relative undervaluation of TVOC with regard to reserves. Obviously ASPN and FPP have excellent investor relations and provide constant updates on any new drilling activity. There is much greater liquidity in those stocks, and they command high PE’s. But TVOC looks like a great value play … a stock to buy and hold long term, imho.

Q3 comes out on the 15th? Nice!

TVOC uting Q3 11/15

Saw that, TVOC is moving nicely today so far!

TVOC something up today.

Texas Vanguard Oil and Gas (TVOC $4.6)
by forensiccapitalmanagement at 04:59PM (CST) on March 30, 2005 / Permanent Link / Cosmos

The fiscal year ending December 31st, 2004 showed improvement in all virtually all areas (save one) necessary for improved investor interest, and potentially in the share price.

Oil and natural gas production grew by approximately 6% vs. 2003. The average net production for 2004 was 370 boepd.

Net proven oil and gas reserves stood at 1.9 million boe at year end 2004, which is down approximately 9% vs 2003. TVOC buys additional interests in its oilfields, rather than seeking to explore and develop additional acreage. The company reduced its oil and gas reserve purchases by more than 85% in 2004, and took writedowns of proven reserves in the fiscal year ending 2004. Texas Vanguard uses the successful efforts method of accounting, which is the most conservative method of accounting in the oil industry.

2004 was the least active year of the past three on an acquisitions front for Texas Vanguard. The firm employs a rigorous policy of not overpaying for oil and gas assets (having paid an average of $3.5 per proven barrel of reserves in 2004).

EBITDA for 2004 was $1.13 per share, an improvement of approximately 29% over 2003. In the fourth quarter of 2004, EBITDA was $360,488 or $.255 per share. The additional burden of complying with Sarbanes Oxley in preparation for the 10-K reduced EBITDA in the quarter by approximately $.05 per share. Revenues were roughly $1.49 million in the last quarter of 2004. The average boe price for the quarter was about $44.28.

Discounted estimated future net cash flows shows that the company is worth approximately $7.13 per share as of year end 2004.

Liquidity at year end 2004 was strong, with approximately $938,831 of net cash on the books (approximately $.66 per share).

The fiscal year end report confirms that TVOC remains significantly undervalued in comparison to peers with similar production and reserve profiles. The challenge for 2005 will be to improve the reserve replacement ratio at a reasonable cost. In addition, the cost of complying with Sarbanes-Oxley adds approximately $200,000 per annum ( largely back ended to the fourth quarter of 2004).

With record high 1st quarter 2005 oil prices (above $50 for the quarter), TVOC looks poised to generate EBITDA in the range of $.36 per share. This should support a share price at levels above $5 in the immediate term.

Ultimately, should management embark on a policy of maximizing shareholder value through a sale, TVOC could be worth in excess of $13 per share based upon prevailing prices paid for proven reserves.

TVOC $$8.00 going into earning on Monday.

TVOC - nice close at $7.00! Continues to run into earnings.

TVOC check the dates on these reports. Link...
http://finance.yahoo.com/q/rr?s=TVOC.OB

Yep, very nice play here. Holding long term.

I just found this one, Low float, Low debt--looks good so far.

TVOC earnings for second quarter should be around August 13th. This should be interesting since they have appeared to paid down long term debt.

From the
Form 10-Q for TEXAS VANGUARD OIL CO


--------------------------------------------------------------------------------

13-May-2005

Quarterly Report

Notes payable and long-term debt decreased by $2,904,519 for the three-month period ended March 31, 2005, by using cash on hand and cash generated from operations.

http://biz.yahoo.com/e/050513/tvoc.ob10-q.html

TVOC Last three days price & volume.

07/14/05 07:37:42 6.10 5.81 6.05 100
07/14/05 08:12:58 6.10 5.81 6.05 100
07/14/05 08:59:14 6.05 5.81 6.05 100
07/14/05 09:16:43 6.05 5.81 6.05 100
07/14/05 09:18:48 5.81 5.81 6.05 600
07/14/05 09:19:00 5.76 5.81 6.05 1100
07/14/05 09:19:00 5.761 5.81 6.05 1600
07/14/05 09:19:17 5.80 5.81 6.05 1900
07/14/05 09:20:25 5.75 5.81 6.05 2900
07/14/05 09:21:21 5.75 5.81 6.05 3100
07/14/05 09:22:50 5.80 5.81 6.05 3200
07/14/05 09:23:27 5.75 5.81 6.05 3700
07/14/05 09:23:30 5.75 5.81 6.05 3700
07/14/05 09:32:55 5.75 5.81 6.05 4200
07/14/05 09:41:46 5.75 5.51 5.80 4200
07/14/05 09:47:52 5.75 5.51 5.80 4200
07/14/05 09:57:06 5.60 5.51 5.80 4650
07/14/05 10:02:00 5.60 5.51 5.80 4650
07/14/05 11:05:22 5.80 5.51 5.80 5150
07/14/05 11:06:15 5.80 5.51 5.80 5650
07/14/05 11:30:12 5.80 5.51 5.80 5650
07/14/05 11:33:30 5.80 5.80 6.20 5650
07/14/05 11:39:04 5.80 5.80 6.20 5650


07/15/05 10:16:56 5.80 5.80 6.20 500
07/15/05 10:19:44 5.80 5.80 5.95 500
07/15/05 11:57:42 5.51 5.80 5.95 1000
07/15/05 12:20:16 5.51 5.52 5.98 1000
07/15/05 12:21:14 5.51 5.52 5.98 1000
07/15/05 14:43:19 5.51 5.52 5.97 1000
07/15/05 14:56:41 5.51 5.52 5.97 1000


07/18/05 07:13:03 5.51 5.55 5.97 1000
07/18/05 07:55:39 5.51 5.55 5.97 1000
07/18/05 07:59:17 5.55 5.55 5.97 1000
07/18/05 07:59:20 5.55 5.55 5.97 1500
07/18/05 07:59:53 5.52 5.55 5.97 2000
07/18/05 07:59:58 5.51 5.55 5.97 3000
07/18/05 08:02:28 5.55 5.55 5.97 3250
07/18/05 08:04:36 5.51 5.55 5.97 5250
07/18/05 08:04:47 5.50 5.55 5.97 5750
07/18/05 08:05:39 5.50 5.55 5.97 6250
07/18/05 08:05:55 5.40 5.55 5.97 7250
07/18/05 08:05:56 5.40 5.55 5.97 7450
07/18/05 08:10:07 5.40 5.55 5.97 7450
07/18/05 08:58:14 5.40 5.30 5.45 7450
07/18/05 09:17:26 5.45 5.30 5.45 7950
07/18/05 09:20:13 5.55 5.30 5.45 8050
07/18/05 09:27:46 5.55 5.30 5.45 8050
07/18/05 09:40:38 5.55 5.30 5.45 8550
07/18/05 09:48:02 5.55 5.45 5.55 8550
07/18/05 09:52:54 5.55 5.45 5.55 8550
07/18/05 09:53:17 5.55 5.45 5.55 8650
07/18/05 10:12:31 5.55 5.45 5.55 8650
07/18/05 10:54:30 5.55 5.65 5.97 8650
07/18/05 11:32:19 5.75 5.65 5.97 9650
07/18/05 11:32:26 5.75 5.65 5.97 10150
07/18/05 11:34:37 5.75 5.65 5.97 10400
07/18/05 12:20:55 5.75 5.75 5.90 10400
07/18/05 12:37:11 5.90 5.75 5.90 11400
07/18/05 12:46:19 5.95 5.75 5.90 12900
07/18/05 12:46:33 5.95 5.75 5.90 12900
07/18/05 12:47:06 5.93 5.75 5.90 15934
07/18/05 17:00:00 5.93 5.65 5.97 16434

Looks good to me!!

Still like TVOC, excellent long term hold.

TVOC any thoughts?

TVOC 8000 shares @ 7.37 @ the bell. Not many seem interested on the other board. Volume ok today but the 8000 at the bell tells me someone else is doing the math. I posted the 10k stuff on the other board for those that mght be interested. The 38 per barrel avg. for 2004 was interesting and I think the average this year is somewhere around 45 so far, but I hope I don't have to hold that long to find out. Have you checked out BMD yet?

Bgoody

TVOC 8000 shares @ 7.37 @ the bell. Not many seem interested on the other board. Volume ok today but the 8000 at the bell tells me someone else is doing the math. I posted the 10k stuff on the other board for those that mght be interested. The 38 per barrel avg. for 2004 was interesting and I think the average this year is somewhere around 45 so far, but I hope I don't have to hold that long to find out. Have you checked out BMD yet?

Bgoody

$8.40 looking good again today!

TVOC 1st Quarter 10-Q http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000315261%252D05...

TVOC - Chart

Great day, close at 7.40 up 64% on record volume of 77,475 shares. Just getting started IMO.

$8 now! lol

$7 now, good start towards $20! lol

I will be first to post here, TVOC looks like the real deal to me. I have dug through all of their filings and TVOC looks to have a very clean track record. When TVOC gets discovered, it could trade north of $20 IMO. GLTA.