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 is an independent, growth-oriented oil and gas company focused on growing proved reserves and cash flow via the continued development of existing properties and the acquisition of new resource properties.
The company will source new capital to facilitate this growth by continuing to utilize an established pipeline in investors available through Aurora Energy Partners and tapping into additional third party sources of capital when available. Victory is committed to creating long-term shareholder value by increasing oil reserves, lowering costs, boosting production volumes, and prudently managing the capital on its balance sheet.
While geographically focused onshore, the company’s primary emphasis is on the Permian Basin of Texas and southeast New Mexico. Victory strategically utilizes both internal capabilities and key industry relationships to acquire non-operated working interest positions in low to moderate risk oil and gas prospects. Its focus is on oil or liquid-rich gas projects within longer life reservoirs that offer competitive finding and development (F&D) cost per barrel of oil equivalent (BOE.)
Victory targeted the Permian Basin in particular because it is the most active play oil field in the United States, with 2,294 operational wells out of 8,800 total in the country in the second quarter of 2013. The area covers an approximately 250 miles wide and 300 miles long space, and through an increased use of enhanced recovery practices, has produced a substantial impact on U.S. soil production, making up 71% of all oil production in Texas and 17% of the total U.S. production.
The breakeven cost of doing business in the Permian Basin is about $50 per barrel. And according to consultants, production in the Permian Basin is estimated to grow 60% between now and 2016, reaching a total of 1.8 million barrels per day.
Victory Energy is a proven leader in the natural gas industry, and is financially healthy, with a long-term commitment to the development of natural gas resources. Although management takes pride in their past accomplishments, they believe there are many more opportunities ahead. To that end, they are continuing to build outside relationships with established E&P operators, geologists, and engineers who provide access to quality opportunities and the specific expertise needed for continuing success in the resource plays on which the company is focused.
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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.
