Exhibit 99.1

Voyager Oil & Gas, Inc. Reports Record Oil and Gas Production, Revenue and Adjusted EBITDA for its Second Quarter Ended June 30, 2011

Oil Production for Second Quarter Ended June 30, 2011 was 17,866 Barrels of Oil Equivalent, an increase of 76% from previous quarter ended March 31, 2011.

BILLINGS, MONTANA — August 9, 2011 --- Voyager Oil & Gas, Inc. (AMEX: VOG), announces record oil and gas production, revenue and adjusted EBITDA for the second quarter ended June 30, 2011.  During the quarter ended June 30, 2011, Voyager reported revenues of $1,666,535.  This represents an increase of 101% from $832,621 in the first quarter ending March 31, 2011 and an increase of 925% from $162,548 in the quarter ended June 30, 2010.  This increase in revenue is due primarily to production from 24 gross (1.13 net) producing Bakken and Three Forks wells as of June 30, 2011.

Second Quarter 2011 Highlights

·                  Record quarterly revenues of $1,666,535, up 101% over the quarter ended March 31, 2011 and up 925% over the quarter ended June 30, 2010.

·                  Record quarterly oil production of 17,866 BOE, up 74% from 10,261 in the quarter ended March 31, 2011 and up from zero production in the quarter ended June 30, 2010.

·                  Adjusted EBITDA of $763,866 up 181% from $271,476 in the quarter ended March 31, 2011 and ($873,657) in the quarter ended June 30, 2010 primarily due to increased production operations.  This is the second consecutive quarter to yield positive adjusted EBITDA.

·                  Acquired 5,262 core net acres during the quarter targeting the Bakken and Three Forks formations in North Dakota and Montana at an average price of $1,570 per net acre.

·                  63 gross, 3.13 net wells targeting the Bakken-Three Forks in the drilling, completing or producing stage as of June 30th, 2011 in the Williston Basin.

·                  As of June 30th, 2011, Voyager had a cash balance of $31,596,324.

J.R. Reger, Voyager’s Chief Executive Officer commented: “Despite the extraordinary challenges for our operators in the second quarter due to weather issues in the Williston Basin, we are pleased to announce our record sales and production results to our investors, and expect to continue posting record operating results over the next two quarters and through 2012. Voyager achieved record results in virtually all of our financial and production performance measurements.  These results were driven by our non-operator business model of acquiring strategic leases targeting the Williston Basin Bakken and Three Forks which is proving itself quarter after quarter.  We will continue to focus on exploring for and developing oil with the leases that we control, as well as expand our acreage positions.  We also acquired 2,232 core net acres in July of 2011 targeting the Bakken and Three Forks formations in North Dakota and Montana at an average price of $1,282 per net acre.”

Production Growth

2011 Williston Drilling Update

As of June 30, 2011, Voyager had interests in a total of 63 gross (3.13 net) Bakken-Three Forks wells that were drilling, completing or producing, including 24 gross (1.13 net) producing wells.  Permits continue to be issued for drilling units in which Voyager has acreage interests within North Dakota and Montana.  The Company expects to participate in approximately 6 net Bakken-Three Forks wells in 2011.

Operating Expenses

During the quarter ended June 30, 2011, the Company reported total operating expenses of $1,592,166 compared to operating expenses of $506,721 for the three months ended June 30, 2010.  This increase in expenses primarily resulted from $560,344 of depletion of oil and gas properties for the three months ended June 30, 2011, compared to $62,000 for the three months ended June 30, 2010 and $706,617 of general and administrative expenses for the three months ended June 30, 2011, compared to $440,000 for the three months ended June 30, 2010.

The increase in general and administrative expenses resulted primarily from $216,197 of professional fees for the three months ended June 30, 2011, compared to $83,592 for the three months ended June 30, 2010.

Liquidity

As of June 30, 2011, Voyager had a cash balance of $31,596,324, compared to $46,879,679 as of March 31, 2011.  Net cash provided by (used in) operating activities was $(1,784,960) for the six months ended June 30, 2011 compared to ($1,099,441) for the six months ended June 30, 2010.

Non-GAAP Financial Measures

In addition to reporting financial results as defined under GAAP, Voyager also presents net earnings before interest, income taxes, depreciation, depletion, and amortization (adjusted EBITDA), which is a non-GAAP performance measure. Adjusted EBITDA consists of net earnings after adjustment for those items described in the table below. Adjusted EBITDA does not represent and should not be considered an

alternative to GAAP measurements, such as net earnings (loss) (its most comparable GAAP financial measure), and Voyager’s calculations thereof may not be comparable to similarly titled measures reported by other companies. By eliminating the items described below, Voyager believes the measure is useful in evaluating its fundamental core operating performance. Voyager also believes that adjusted EBITDA is useful to investors because similar measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies in similar industries. Voyager’s management uses adjusted EBITDA to manage its business, including in preparing its annual operating budget and financial projections. Voyager’s management does not view adjusted EBITDA in isolation and also uses other measurements, such as net earnings (loss) and revenues to measure operating performance. The following table provides a reconciliation of net earnings (loss), the most directly comparable GAAP measure, to adjusted EBITDA for the periods presented:

About Voyager Oil & Gas

Voyager Oil & Gas, Inc. is an exploration and production company based in Billings, Montana. Voyager’s primary focus is oil shale resource prospects in the continental United States.  Voyager currently controls approximately 141,000 net acres in the following five primary prospect areas:

·                  30,000 core net acres targeting the Bakken/Three Forks in North Dakota and Montana;

·                  10,000 net acres targeting the Niobrara formation in Colorado and Wyoming;

·                  800 net acres targeting a Red River prospect in Montana;

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

·                  67,000 net acres in a joint venture in the Tiger Ridge gas field in Blaine, Hill and Chouteau Counties of Montana.

If you would like to receive timely information on Voyager Oil & Gas when it hits the newswire, you may sign up for Voyager’s email news alert system today at: http://www.VYOG-IR.com.  For additional information on Voyager Oil & Gas visit the Company’s new website at: http://www.voyageroil.com/.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934.  All statements other than statements of historical facts included in this report, such as statements regarding our future expectations to drill additional wells, that we will continue our aggressive acreage

expansion and that we expect to continue posting record operating results over the next two quarters and beyond are forward-looking statements (often, but not always, using words such as “expects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved). Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. These risks include, but are not limited to, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition and government regulation or other actions.  Additional information on these and other factors which could affect Voyager’s operations or financial results are included in Voyagers’ reports on file with the Securities and Exchange Commission. Such factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Voyager undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Voyager’s expectations.

VOYAGER OIL & GAS, INC.

CONDENSED BALANCE SHEETS

AS OF JUNE 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010

VOYAGER OIL & GAS, INC.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND 2010

VOYAGER OIL & GAS, INC.

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

Investor Relations Contact:

The WSR Group

Gerald Kieft

772-219-7525

http://www.wallstreetresources.net/voyager.asp

Source: Voyager Oil & Gas, Inc.