QualityStocks would like to highlight
Victory Energy Corp. (
PINK: VYEY), an independent, growth-oriented oil and gas company. Victory Energy is focused on growing proved reserves and cash-flow via the continued development of existing properties and the acquisition of new resource properties, primary located in the prolific Permian Basin of Texas and southeast New Mexico.
In the company’s news,
Victory Energy announced the successful completion of its fourth well on its Permian Basin Lightnin’ Prospect in Glasscock County, Texas. Known as the Cotter 6 #2, the well was drilled and completed in March 2014. It averaged daily gross flow rates of 121 barrels of oil equivalent during April 2014. That is an increase of 41% in daily production from March 31, 2014, and a net 18 barrels of oil equivalent per day also since that date.
“This is the fourth and most productive well that we have brought into production on this prospect,” stated Kenny Hill, Victory’s CEO. “We completed and are producing this stacked formation well in multiple pay zones including the Wolfberry (Wolfcamp and Strawn Sand), Fusselman, and Cline. The well represents a very good model for the type of wells we are pursuing in this part of the Permian Basin. We are currently evaluating new much larger Permian prospects for acquisition and development, that offer the same or better production and type curves. Our recently announced $26.4 million bank credit facility will provide the capital we need to expand our position and develop rapidly this year.”
Austin-based Victory Energy is a burgeoning, independent oil and gas exploration and production company. With technical and specialized resources in Midland, Texas, the company is building shareholder value through strong organic growth and strategic acquisitions of reserve properties that offer repeatable and highly profitable results. Victory Energy has committed itself to acquiring properties that offer return on revenue rates that are greater than 20% and/or a break-even point below $65 per barrel oil price. Victory Energy’s leadership team boasts of over 120 years of combined expertise in this space. In 2013, the Permian Basin produced approximately 1.32 million barrels per day, and it is slated to produce 1.8 million barrels per day in 2016.
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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.
