Victory updates Permian Basin exploration and development activities
Thursday, Jan 17, 2013
AUSTIN, Texas, Jan. 16, 2013 /PRNewswire/ -- Victory Energy Corporation (OTCQB: VYEY), a growth oriented non-operating oil and gas company, today provided a drilling operations update for Aurora Energy Partners ("Aurora") which the Company manages and in which it owns a 50 percent interest. Aurora has three new wells (Hickory 14 State #1, University 7 #1, Morgan #1) in various states of completion, a fourth well (Cotter #1) planned to spud within the next week and a fifth well (Milan 12 State #1) on plan to spud in February.
"This level of activity represents a new high for the Company and a great beginning to the new year," said Kenny Hill, Victory Energy CEO. "With a favorable estimated ultimate recovery (EUR) and substantial 25 percent working interest, the Cotter #1 well has the potential to generate greater monthly cash flow than any of our previous wells. The imminent spud of this well and the continued planned development of the Lightnin' property offers the most immediate and strategic path to improve our cash flow and achieve profitability this year."
About Victory Energy Corporation
Victory Energy Corporation (OTCQB: VYEY) is a growth oriented non-operating oil and gas company engaged in the exploration, acquisition, development, and production of domestic oil and gas properties. Victory leverages both internal capabilities and strategic industry relationships to acquire working interest positions in low-to-moderate risk oil and gas prospects.
Future investment will focus primarily on oil or liquid-rich gas projects within longer-life reservoirs that offer competitive finding and development costs. The Company's current producing oil and gas assets are located onshore in the Permian Basin of Texas and New Mexico.
The Company's objective is to create long term shareholder value by increasing oil reserves, improving financial returns (higher production volumes, lower costs), and managing the capital on our balance sheet.
Download the investor Fact Sheet for current summary of projects and activity. Victory Energy is current with its SEC filings and is a full reporting company. The Company is traded under the ticker symbol VYEY on the OTCQB tier, operated by OTC Markets Group.
SOURCE Victory Energy Corporation
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