Market Overview

Voyager Oil & Gas Provides Operations Update; On Track To Meet 2012 Guidance

Voyager Oil & Gas, Inc. (NYSE:VOG) is releasing an operations update.

Highlights include:

Approximately 33,000 net acres in the Williston Basin as of March 31, 2012

100% of acreage acquired during 1Q2012 has received AFEs

First quarter 2012 average production of about 600 barrels of oil equivalent per day ("BOEPD"), a 50% increase over fourth quarter 2011, exceeding Company projections

5.03 net (120 gross) wells producing from the Bakken or Three Forks as of March 31, 2012 after adding 2.04 net (38 gross) Bakken/Three Forks wells to production during the quarter with another 2.05 net (42 gross) wells being drilled or awaiting completion as of March 31, 2012

Currently on track to meet 2012 guidance

Acreage Update

As of March 31, 2012, Voyager held 32,823 net acres of mineral right leases in the Williston Basin. During the first quarter 2012, Voyager increased its leasehold interests in the Williston Basin by 899 net mineral acres at an average cost of $2,048 per acre. 100% of the acreage acquired during the quarter either had an authorization for expenditure ("AFE") attached to the lease, or the Company subsequently received an AFE. Therefore, all of the mineral right leaseholds purchased during the quarter are expected to be held by production ("HBP") and to add to production and cash flow over the next several months.

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