Voyager Oil & Gas Corporate ProfileAUGUST 2010OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

OverviewVoyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana, North Dakota and Colorado. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

BackgroundVoyager Oil is an agile oil and gas company that specializes in acreage acquisition. The roots of the Company can be traced back to the early 1950’s and the Reger family. Reger Oil, a family-owned oil company operating out of Montana, has been operating in the Williston basin since 1952. Reger Oil’s primary focus has always been land leasing. Over the past sixty years, Reger Oil built a reputation in the industry for being able to consistently locate and acquire the best pieces of acreage when there is exploration and drilling activity in an area. A large reason for their success is the Focus Database, believed to be the largest 2-D seismic database in the Rocky Mountains and controlled by theReger family.

Armed with this powerful 2-D seismic data, the Company is able to investigate areas of interest and high production drilling zones and purchase nearby acreage with a relatively high probability for success. J.R. Reger rolled up some of the properties that he controlled and Voyager Oil and Gas was formed. The Company nimbly acquires acreage positions that have not yet appreciated significantly in market value. Once an oil or gas play is discovered, the market value for the acreage can soar 500% to 3,000% depending on the expected production capabilities of the wells.

Historically, the Reger Oil model was to sell the leases, keep an override and move on to the next piece of promising acreage. However, J.R. Reger, the CEO of Voyager Oil, intends to develop the land in partnership with drillers and participate in the oil proceeds, which are expected to be significantly higher than gains on land sales.

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Business Model

OTCBB: VYOG

Voyager explores and produces oil and gas through a non-operated business model. The Company engages in the drilling process within operators’ drilling units that include its acreage. As a non-operator, Voyager relies on its operating partners to propose, permit and engage in the drilling process. Before a well is spud, the operator is required to provide all oil and gas interest owners in the designated well unit the opportunity to participate in the drilling costs and revenues of the well on a pro-rata basis. If the owner pays their pro-rata share (participates on a heads up basis), they are entitled to their pro-rata share of production. After the well is completed, the operating partners also transport, market and account for all production. It will be policy for Voyager to engage and participate on a heads-up basis in substantially all, if not all, wells proposed. This model provides the Company with diversification across operators and geologic areas. It also allows Voyager to continue to add production at a low marginal cost and maintain general and administrative costs at minimal levels.

OperationsVoyager’s management team plans to continue to structure its operations in a manner that minimizes overhead and relies on third-parties to supply experience and expertise necessary to exploit exploration opportunities. Management will attempt to secure the highest possible working interests in the wells in which it invests while minimizing general and administrative expenses. The Company intends to keep overhead and staff to a bare minimum and the majority of operational duties will be outsourced to consultants and independent contractors. Management believes that the operational responsibilities of the Company can be handled by its current officers, its working partnership with Hancock Enterprises and through consulting and independent contractor relationships. By minimizing general and administrative expenses, the Company can devote the largest portion of its capital to hydrocarbon investments.

Assets and Acreage HoldingsAs of July 19, 2010 Voyager controlled approximately 147,000 net acres in the following five primary prospect areas:

• 24,000 net acres targeting the Bakken formation in North Dakota and Montana;

• 640 net acres targeting the Red River formation based on 3-D seismic data in Montana;

• 65,000 net acres in a joint venture targeting the Tiger Ridge gas field in Blaine, Hill and Chouteau Counties of Montana;

• 33,500 net acres in a joint venture targeting the Heath Shale formation in Musselshell, Petroleum, Garfield and Fergus Counties of Montana;

• 24,000 net acres in a joint venture in the Denver-Julesberg Basin Niobrara Formation in Weld County, Colorado in close proximity to several high-rate producers.

Note: 4,000 of the 21,000 net acres targeting the Bakken formation of North Dakota and Montana are under contract and are expected to close in July of 2010. The leases under control have a minimum term of three years and many have extensions effectively giving Voyager control of lands for up to ten years.

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Drilling and Acreage PlansThe Company’s current focus is acquiring acreage and drilling in the Bakken formation, the Tiger Ridge gas field, and the Denver-Julesberg Basin Niobrara Formation.

About the Bakken FormationThe Bakken Formation is a large unconventional resource that underlies most of the western portion of North Dakota and Eastern Montana. The Bakken Formation consists of three levels: Upper shale, Lower Shale, and the Middle Member, which is a dolemetic sandy layer. The shales that comprise the Upper and Lower Members of the Bakken are world-class rocks. The Middle Member of the Bakken is flooded with oil and gas at high pressures.

Montana oil production dates back to the 1950’s. By the year 2000, the entire state of Montana produced 18 million barrels of oil. Four years later, this figure doubled to 36 million barrels due almost entirely to the application of horizontal drilling in the Bakken, most particularly in the Elm Coulee Field in Richland County Montana. For years, geologists believed that there were copious oil reserves in the middle Bakken. However, attempts to drill to this layer were stymied by technological barriers that simply made the oil economically unextractable. Technological improvements with respect to horizontal drilling techniques (spurred by the high price of oil) have finally made the middle Bakken economically viable. Once large-scale drilling commenced, these wells became the largest, most productive wells in Montana, North Dakota, and in the Williston Basin. For instance, the EOG drilling field is three times larger from a “per well” production basis than anything else in the Williston Basin.

1. This oil that is abstracted from the Bakken is known as Williston Basin Sweet Crude that is 42 gravity and very clean. It trades roughly at a $4.00 discount from NYMEX. 2. Discovered in 2000, Elm Coulee has grown to 529 square miles and produced 15 million barrels of oil in 2005. Headington Oil Company, one of the two largest operators in the Elm Coulee Field, estimated that the in-place resources of the field are 5 million barrels per square mile.

The Bakken controversy lies with how much oil has been generated, what it has sourced, and how much is ultimately recoverable. Since 2000, the predictions have been staggering. Some experts suggested that the Bakken may harbor the greatest discovery of oil in the United States since Prudhoe Bay. A draft study conducted by the late organic geochemist Leigh Price provides estimates ranging from 271 to 503 billion bar-rels (mean 413 billion) of potential resources in place. He believed that as much as 50% of it is recoverable, an important consideration since there are vast oil reserves in the world which are not calculated into any projections because their recovery is beyond the reach of technology and economics. To give that some perspective, all recoverable oil in the U.S. is estimated at 21.4 billion barrels. In Saudi Arabia it’s estimated at 264 billion barrels. Dr. Price’s study was conducted while he was working for the U.S. Geological Survey (USGS), but it did not receive a complete scientific peer review by the USGS and was not published as a USGS product.

In April 2008, the USGS released its official assessment of oil resources in the Bakken, and although it reported a 25-fold increase in the amount of oil that could be recovered from that area compared to its 1995 estimate, the 2008 estimate was still far short of the 503 billion barrel volume cited by Dr. Price in his study. According to the assessment, North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels (mean value of 3.65 billion barrels) of undiscovered, technically recoverable oil in the Bakken Formation.

Although 3.65 billion barrels of recoverable oil is still considerable, the U.S. imports approximately 10 million barrels of oil per day (for a total of 3.65 billion barrels of oil per year), so even if all the estimated undiscovered oil in the Bakken Formation were extracted today, it would only be enough to wean the U.S. off of crude oil imports for one year. Despite this sobering revision, the Bakken play on the North Dakota side of the basin is still early in the learning curve. Technology and the price of oil will dictate what is potentially recoverable from this formation. At $30 per barrel, the funds required to commercially develop theses drilling techniques simply weren’t available.

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Drilling and Acreage Plans At $60 per barrel, the risk/reward ratio shifted such that it made sense to allocate the money to develop the horizontal drilling techniques. In the future, if the price of oil were to fall to a certain level, drilling companies would stop looking for oil, causing oil supplies to shrink, assuming steady or growing demand. As demand drives the price of oil higher, companies will once again begin searching for new oil because of economic incentives—basic supply and demand at work. Further, if the price of oil increases to $90 a barrel, there will be more technology developed that is able to find new oil that was not economically extractable at $60 per barrel.

About the Tiger Ridge Gas FieldVoyager Oil currently controls approximately 50,000 net acres in the Tiger Ridge area, a large gas field located in north-central Montana. Exploration for natural gas in the Tiger Ridge field dates back to the 1960’s, and has resulted in significant discoveries of both natural gas and oil. Since it was discovered, the Tiger Ridge field has produced over 288 billion cubic feet of natural gas from fault traps.

Before 2006, exploration for these fault blocks was done using subsurface mapping and an extensive 2-D seismic grid. This mapping had identified several large tear faults that separate the field into areas where the local faulting has a similar style and grain, however the 2-D data does not allow features within them to be imaged and mapped with confidence. In early 2006 the first 3-D survey in the field was acquired by Devon Energy. The 3-D survey was designed to image the faults that control the gas accumulations and allow for continued development in the field. Since acquiring and interpreting the 3-D survey, Devon has acquired two additional 3-D surveys in the Tiger Ridge field and is continuing to identify and exploit accumulations that would not have been found using only 2-D seismic data. Natural gas production continues in the Tiger Ridge field today and we believe new opportunities still exist to exploit hydrocarbons in the area as a result of advanced technology in drilling and completion as well as seismic and geologic evaluation techniques. Drilling costs have declined substantially and success rates are near 100% given the utilization of updated 3-D seismic technology. Exploration in the area is rapidly expanding as a result of these developments.

About the Denver-Julesberg Basin Niobrara FormationThe Denver-Julesburg (DJ) Basin is a rich deposit of oil and natural gas located in northeast Colorado and extending into Wyoming and Nebraska. For more than 30 years, this area has been one of the country’s most important oil and natural gas producing basins.

The Niobrara Shale, located in the DJ basin, is a shale rock formation located in Northeast Colorado, Northwest Kansas, Southwest Nebraska, and Southeast Wyoming. This exciting oil shale play is being compared to the Bakken Shale which is located in North Dakota. While development is still in the early stages on the Niobrara play, the results are looking very promising. Oil & gas companies are quickly leasing land in the core zones located in Weld County Colorado, Yuma County Colorado, and even Cheyenne, Kansas. EOG has accumulated 400,000 net acres and has completed three successful wells in the Niobrara Play to date. EOG is encouraged that the first well, the Jake 2-01H drilled in Northern Colorado, produced 50,000 barrels of crude oil in the first 90 days.

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Financial InformationQuick Facts and Key Ratios 8-17-2010 12-Month Trading Price Low $0.89

12-Month Trading Price High $4.40

Closing Price 8-17-2010 $4.12

Shares Outstanding 8-17-2010 45,344,431

Market Capitalization $186,819,055

Enterprise Value $174,324,581

Last Quarter Revenue N/A

TTM Revenue N/A

Current Assets (Most Recent 10Q or 10K) $18,953,888

Current Liabilities (Most Recent 10Q or 10K) $8,006,397

Current Ratio (Most Recent 10Q or 10K) 2.37 x

Total Assets (Most Recent 10Q or 10K) $43,284,239

Total Liabilities (Most Recent 10Q or 10K) $8,007,653

Shareholder Equity (Most Recent 10Q or 10K) $35,276,586

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Income StatementVOYAGER OIL & GAS, INC. (formerly ante4, Inc.)UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) AND COMPREHENSIVE EARNINGS (LOSS)

FOR THE THREE MONTHS ENDED APRIL 4, 2010 AND MARCH 29, 2009

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Balance SheetVOYAGER OIL & GAS, INC. (formerly ante4, Inc.)CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF APRIL 4, 2010 (UNAUDITED) AND JANUARY 3, 2010

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Cash Flow StatementVOYAGER OIL & GAS, INC. (formerly ante4, Inc.)UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED APRIL 4, 2010 AND MARCH 29, 2009

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Management TeamJames Russell (J.R.) Reger, Chief Executive Officer and DirectorJames Russell (J.R.) Reger was born and raised in Billings, Montana and is the fourth generation in a family of oil and gas explorers and developers dating back more than 60 years. Mr. Reger’s great grandfather was Vice President of Land for Mobil Oil’s Rocky Mountain operations. His grandfather, Jim Reger, co-founded the exploration firm of Norsworthy & Reger. Prior to accepting the position as CEO of the Company, Mr. Reger was the President of South Fork Exploration, a mineral leasing company in Billings, Montana with experience and interests in Montana and North Dakota. Mr. Reger holds a B.A. in Finance from Baylor University in Waco, Texas.

Mitchell R. Thompson, Chief Financial OfficerPrior to accepting the position as our Chief Financial Officer, Mr. Thompson held positions with Grant Thornton in Minneapolis as well as Anderson ZurMuehlen & Co. in Billings, Montana where he was an assurance manager. He has been a licensed CPA since 2006 and brings a great deal of experience in financial reporting, internal control and corporate tax. Mr. Thompson holds a B.S. and Master’s in Accounting from Montana State University.

Lyle Berman, Chairman of the BoardLyle Berman has been Chairman of the Board of Voyager since its inception in March 2002 and Executive Chairman since April 1, 2005. Mr. Berman served as Voyager’s Chief Executive Officer from February 25, 2004 until April 1, 2005. Since January 1999, Mr. Berman has served as the Chairman of the Board and Chief Executive Officer of Lakes Entertainment, Inc. (“Lakes”), a publicly-held company that develops and manages Indian-owned casinos. From November 1999 until May 2000, Mr. Berman served as President of Lakes. Mr. Berman served as the Chairman of the Board of Directors of Grand Casinos, Inc. from October 1991 through December 1998. Mr. Berman served as Chief Executive Officer of Rainforest Cafe, Inc. from February 1993 until December 2000. Lyle Berman is the father of Bradley Berman, who serves as a member of the Board.

Bradley Berman, DirectorBradley Berman has been a director of Voyager since 2004 and is President of King Show Games, Inc., a company he founded in 1998. He served as Vice President of Gaming with Lakes from 1998 until 2004 when he reduced his role to Gaming Product Specialist in order to devote more time to King Show Games, Inc. Bradley Berman is the son of Lyle Berman, our Executive Chairman.

Terry Harris, DirectorTerry Harris is a Williston Basin Geologist. Mr. Harris has a BA degree in Geology from the University of North Dakota (1985), a Master’s degree in Geology from the University of New Orleans (1989) and has been working as a consulting geologist in the Williston Basin since 1989. He has been the President of a number of private companies involved in the oil and gas exploration industry. Mr. Harris has been the President of Pradera Del Ridge, Inc. since 2001, the President of Turm Oil, Inc since 2001, and the President of Twin City Technical, LLC since 2003.

Joseph Lahti, DirectorJoseph Lahti has been the Chief Executive Officer of Newton Shaffler, LLC, a product development company, since April 2009. Since 1989, Mr. Lahti has also been the President of JL Holdings, a management consulting company.

Steve Lipscomb, DirectorSteve Lipscomb was Voyager’s Chief Executive Officer from April 1, 2005 until the Effective Date of the Merger and ante4’s President from its inception until the Effective Date of the Merger and Voyager’s Founder since its inception in March 2002. Mr. Lipscomb previously served as Chief Executive Officer of Voyager’s predecessor company, World Poker Tour, LLC, from March 2002 until February 24, 2004. Mr. Lipscomb is the creator and Executive Producer of the World Poker Tour television series. Prior to forming World Poker Tour, LLC, Mr. Lipscomb was an independent producer through his company, Lipscomb Entertainment, producing and directing award-winning television shows and films.

OTCBB: VYOG

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Management TeamMyrna Patterson McLeroy, DirectorMyrna Patterson McLeroy has extensive experience in the oil, gas and energy industries. In 1986 Ms. Patterson McLeroy started the McLeroy Land group which is a client-centered brokerage firm specializing in all land related matters within a variety of industries including oil and gas.

Loren J. O’Toole II, DirectorLoren J. O’Toole II has been a licensed attorney since 1981 in the O’Toole law firm of Plentywood Montana. Mr. O’Toole has almost 30 years of experience in advising companies on various corporate matters, including those involved in the oil and gas exploration industry. Mr. O’Toole graduated from the Georgetown University Law Center.

OTCBB: VYOG

Recent News and Events

Recent Well Activity

• BILLINGS, Mont., July 19, 2010 (GLOBE NEWSWIRE) -- Voyager Oil & Gas, Inc. (OTCBB:VYOG - News) (“Voyager”) provided an operations update related to drilling and completion activity in its Williston Basin Bakken and Three Forks, D-J Basin Niobrara and Tiger Ridge prospects.

• Voyager Oil & Gas, Inc. announced June 28, 2010 that it has signed 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 in close proximity to several high-rate producers.

• Voyager Oil & Gas, Inc. announced May 17, 2010 it has closed on approximately 11,500 net acres of leasehold in Williams and McKenzie Counties, North Dakota and Richland County, Montana. Voyager also has an additional 4,000 acres under contract that is expected to close in July.

Headline Goes Here

OTCBB: VYOG

Voyager’s primary focus is to acquire high value leasehold interests specifically targeting oil shale resource prospects in the continental United States. The Company’s business is initially expected to focus on properties in Montana and North Dakota. However, they do not intend to limit their focus to any single geographic area because they must remain flexible to pursue the best opportunities available. One of Voyager’s competitive advantages is its ability to acquire leases directly from the mineral owners through “organic leasing.” Organic leasing allows Voyager to acquire acreage on more favorable terms than its competitors.

Furthermore, as a result of Voyager’s size and maneuverability, it is able to deploy land acquisition teams into specific areas based on the latest industry information. Voyager then generates revenue by and through the conversion of its leaseholds into non-operated working interests in multiple oil and gas wells. Management believes the Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable the Company to deliver high value with low cost to its shareholders. Voyager expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

Voyager is also currently engaged in a top-leasing program in targeted areas of the Williston Basin. A top-lease is a lease acquired prior to and commencing immediately upon the expiration of the current lease. Management believes this approach will allow the Company to access the most prolific areas of the Bakken oilfields.

As an example of Voyager’s flexibility, the Company recently announced that it signed an 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. Voyager purchased a 50% working interest in block for $7.5 million and will participate on a heads-up basis on all wells drilled. Slawson will commence the continuous drilling program in early July 2010 with an initial series of three test wells expected to be completed by October 2010. Subject to the results of these wells, Slawson expects to commence a continuous drilling program targeting 57 additional locations in the prospect that will be drilled throughout 2011.

Investment Considerations• Voyager Oil is an agile oil and gas company armed with the Focus Database, believed to be the largest 2-D seismic database in the

Rocky Mountains, that helps it purchase promising acreage positions.

• The CEO of Voyager, Mr. J.R. Reger is the fourth generation in a family of oil and gas explorers and developers dating back more than 60 years.

• Voyager Oil acquires leases directly from the mineral owners through “organic leasing.” The organic leasing allows Voyager to acquire acreage directly from the land owners, eliminating the middle man (brokers) who charge a heavy mark-up. The favorable terms that Voyager is able to reach represent a significant competitive advantage.

• Voyager Oil is focused on participating in “top-leases”, which means leases acquired prior to and commencing immediately upon the expiration of the current lease, which allows it to access the most prolific areas of the Bakken oilfields.

• The Company’s drilling participation, primarily on a heads-up basis proportionate to its working interest, will enable it to deliver high value with low cost to its shareholders.

• Voyager Oil’s business model provides the Company with diversification across operators and geologic areas. It also allows Voyager Oil to continue to add production at a low marginal cost and maintain general and administrative costs at minimal levels.

• By minimizing general and administrative expenses, Voyager Oil can devote the largest portion of its capital to hydrocarbon investments.

• The Company expects to deploy approximately $10 million in capital to participate in multiple oil and gas wells in 2010.

For Additional Information visit www.voyageroil.com or Contact:

Gerald KieftThe WSR Group772-219-7525gkieft@theWSRgroup.com

OTCBB: VYOG