QualityStocks would like to highlight Victory Energy Corporation (
OTCQB: VYEY), an independent, growth oriented oil and gas company engaged in the acquisition, exploration, and production of oil and natural gas properties, through its partnership with Aurora Energy Partners. The company’s objective is to create long-term shareholder value by increasing oil reserves, improving financial returns (higher production volumes and lower costs), and managing the capital on its balance sheet.
In the company’s news,
Victory Energy reports that in the first six months of this year it has increased by 60 percent the proved reserves at its Permian Basin Lightnin’ prospect, and for the same period has ramped daily production by 89 percent.
The March 2012 acquisition of the first 320-acre Cotter parcel at Lightnin’ kicked-off the Victory Energy’s new focus on expanding high-value, low-risk, multi-well properties within the prolific Permian Basin of west Texas and the adjoining area of southeastern New Mexico. The company’s strategy is to combine and leverage its internal capabilities and strategic industry relationships to acquire working interest positions in low-to-moderate risk oil and gas prospects.
Based on this business model, from 2011 to 2012 the company grew proved reserves by 16 percent to 137,330 barrels of oil equivalent (BOE), and daily production by 48 percent to 32.6 BOE, with growth accelerated by 2013′s success in the Permian. Oil currently represents 41 percent of total proved reserves, an improvement from 18 percent recorded at the end of 2012. Current total net proved reserves are estimated at 220,330 BOE, with net daily production of 62 BOE.
“When we purchased the Lightnin’ property in March of 2012, we knew drilling in this area could provide a critical turning point for the company. Drilling the first two wells of several at Lightnin’ (Cotter #1 and McCauley #1) have proven our strategy to be successful and we expect the remaining wells to be drilled on the property to also provide a major increase in revenue and a significant step toward sustainable profitability,” Kenny Hill, Victory Energy CEO, stated in the press release.
The May 2013 addition of the McCauley parcel brings the total gross acres held at Lightnin’ to 640. The first vertical well (Cotter #1) was spud in January 2013, completed in February and brought into production in late March. The second well (McCauley “6″ #1) was spud in May and placed on production in late June.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
