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Warren Dillard, president of Vanguard Energy

Vanguard Energy announced Friday that it has entered into an agreement to sell all of its working interests and related equipment at its only operating field, the Batson Dome Field in southeast Texas, for $5.5 million

The deal will require shareholder approval before it can be completed, with an expected close date at end of May 2014.

Warren Dillard, president of Vanguard Energy, said, “This sale has been contemplated by the Company for some time and is the culmination of efforts by the Company to determine whether to continue operations or sell its assets at the best price possible. All of the net proceeds of the sale will be used to pay down the principle of our outstanding secured debt obligations. Further discussions with the note holders will follow regarding what will be done to satisfy the remaining unpaid balances of principle and unpaid interest.”