Voyager Oil & Gas, Inc., (Voyager) is engaged in the oil and natural gas properties primarily located in Montana and North Dakota and, to a lesser extent, Colorado and Wyoming. The Company's primary focus is to acquire leasehold interests specifically targeting shale resource prospects in the continental United States. The Company is also engaged in a top-leasing program in targeted areas of the Williston Basin. The Company explores, develop and produce oils and natural gas through a non-operated business model. The Company participates in the drilling process through the inclusion of its acreage within operators' drilling units. As of December 31, 2011, its principal assets included approximately 143,467 net acres located in the northern Rocky Mountain region of the United States. On July 26, 2012, it acquired Emerald Oil Inc, which is a wholly owned subsidiary of Emerald Oil and Gas NL.