Exhibit 99.1

Voyager Oil & Gas, Inc. Reports Record Oil and Gas Production and Revenue Growth for First Quarter 2011

Oil Production for the First Quarter Ended March 31, 2011 was 10,165 Barrels up 3,211% from 307 Barrels for the First Quarter Ended March 31, 2010.

BILLINGS, MONTANA — May 10, 2011 — Voyager Oil & Gas, Inc. (AMEX: VOG), announces record oil and gas production and revenue for first quarter 2011.  During the quarter ended March 31, 2011, Voyager reported revenues of $832,621, representing an increase of 3,601% compared to $22,497 for the three months ended March 31, 2010 and up 69% sequentially compared to $492,566 for the three months ended December 31, 2010.   This increase in revenue is due primarily to production from twelve gross (0.98 net) wells across all plays as of March 31, 2011, compared to production from one gross (0.01 net) wells as of March 31, 2010.

First Quarter 2011 Highlights

·                  Record quarterly revenues of $832,621, up 3,601% over first quarter 2010 and up 69% over fourth quarter 2010.

·                  Record quarterly oil production of 10,165 Bbl, up 3,211% over first quarter 2010 and up 49% over fourth quarter 2010.

·                  Adjusted EBITDA of $271,476 increased 675% from the corresponding 2010 period primarily due to increased production operations.  This quarter marks the first to yield positive adjusted EBITDA, which is less than 12 months after Voyager became publicly traded as an oil and gas company.  Due to its low overhead business model, Voyager achieved positive EBITDA on production of less than 11,000 barrels of oil equivalent.

·                  Acquired 3,000 core net acres during the quarter targeting the Bakken and Three Forks formations in North Dakota and Montana.

·                  As of March 31st, 2011, Voyager had a cash balance of $46,879,679

J.R. Reger, Chief Executive Officer commented: “During the first quarter 2011, we continued the progress that we began in 2010 and ramped up our activity.  We raised $50 million in a private placement and deployed an additional $12.8 million into the acquisition and development of acreage during the quarter, in-line with our 2011 expectations.  We will continue to focus on exploring for and developing oil with the leases that we control, as well as continue to expand our acreage positions. 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 three quarters and beyond.”

First Quarter Production

During the first quarter 2011, the Company reported oil production of 10,165 Bbl, an increase of 3,211% compared to oil production of 307 Bbl during the first quarter of 2010.  Voyager reported natural gas production of 577 Mcf, an increase of 612% as compared to 81 Mcf during first quarter 2010.  For the three months ending March 31, 2011, the Company reported average production cost of $14.35 per barrel of oil and $0.40 per Mcf of natural gas.

2011 Drilling Update

As of March 31, 2011, Voyager had interests in a total of 46 gross (1.72 net) Bakken-Three Forks wells that were drilling, completing or producing, including eleven gross (0.48 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 70 gross, six net Bakken-Three Forks wells in 2011.

Voyager has completed the preliminary development of the acreage position acquired in the Denver-Julesberg Basin with its operating partner, Slawson Exploration Company, Inc.  The development program consists of three gross test wells, which began drilling activity in July 2010.  The results of the initial three test wells have provided data points on its acreage position and ultimately how many wells will be drilled in 2011.  Slawson and Voyager drilled three wells targeting the Niobrara during the quarter ended March 31, 2011.  Those wells are currently in various stages of completion.

Operating Expenses

During the quarter ending March 31, 2011, the Company reported total operating expenses of $1,233,288 compared to operating expenses of $267,529 for the three months ended March 31, 2010.  This increase in expenses primarily resulted from $407,984 of depletion of oil and gas properties for the three months ended March 31, 2011, compared to $8,500 for the three months ended March 31, 2010 and $694,314 of general and administrative expenses for the three months ended March 31, 2011, compared to $255,710 for the three months ended March 31, 2010.

The increase in general and administrative expenses resulted from $256,739 of share-based compensation for the three months ended March 31, 2011, compared to $178,146 for the three months ended March 31, 2010, and $240,912 of professional fees for the three months ended March 31, 2011, compared to $29,400 for the three months ended March 31, 2010.

Liquidity

As of March 31, 2011, Voyager had a cash balance of $46,879,679, compared to $11,358,520 as of December 31, 2010.  The increase was primarily attributable to the private placement in February 2011 described below.  Net cash provided by (used in) operating activities was $1,693,941 for the three months ended March 31, 2011 compared to ($64,566) for the three months ended March 31, 2010.

Financing

In February 2011, Voyager completed a private placement of 12.5 million shares of common stock at a subscription price of $4.00 per share for total gross proceeds of $50 million.  In addition to common stock, investors purchasing shares received a warrant to purchase common stock.  For each share of common stock purchased in this transaction, the purchaser received the right, for a period of five years from the closing date of the closing, to purchase one-half share of the Company’s common stock at a price of $7.10 per share.  The total number of common shares that are issuable upon exercise of the warrants is 6,250,000.

Non-GAAP Financial Measures

In addition to reporting net earnings (loss) 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 143,000 net acres in the following five primary prospect areas:

·                  27,000 core net acres targeting the Bakken/Three Forks in North Dakota and Montana;

·                  14,200 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.

Make sure you are first to receive timely information on Voyager Oil & Gas when it hits the newswire. 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 three quarters and beyond are forward-looking statements. Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. Important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements, including those described in our public filings with the Securities and Exchange Commission. 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 CONSOLIDATED BALANCE SHEETS

VOYAGER OIL & GAS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

VOYAGER OIL & GAS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Investor Relations Contact:

The WSR Group

Gerald Kieft

772-219-7525

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

Source: Voyager Oil & Gas, Inc.