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Victory Energy Announces First Quarter 2016 Financial Results
Victory Energy Announces First Quarter 2016 Financial Results.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nVictory Energy Announces First Quarter 2016 Financial Results\n\nVictory Energy Announces First Quarter 2016 Financial Results\n\n\n AUSTIN, TX--(Marketwired - May 13, 2016) - \n Victory Energy Corporation (OTCQB: VYEY) (\"Victory\" or \"the Company\"), a growth stage, Exploration and Production Company, today announced operating results for the three months ended March 31, 2016.\n First Quarter Highlights\n \n Received investment capital of $302,000 from Aurora partner Navitus Energy Group (NEG) during the three months ended March 31, 2016.\n Increased total oil and gas production by 8% to 3,237 BOE compared to the fourth quarter of 2015.\n Decreased production costs by more than 20% per BOE compared to the fourth quarter of 2015.\n At March 31, 2015, the Company held a working interest in 37 gross wells located in the states of Texas and New Mexico.\n \"Given a full twelve months of depressed commodity prices, I remain very proud of our team for achieving even modest growth in oil production while recording a decrease in lease operating expenses,\" commented Kenny Hill, Chief Executive Officer of Victory Energy.\"As the volume of oil and gas prospects available for acquisition in the major basins continues to increase, our growth through acquisitions strategy will remain the primary focus of the company. We will continue to be patient while seeking the right combination of attractive prospect valuation, proved producing reserves, limited mandatory development risk and limited lease expiration exposure. Guidance from our capital markets relationships have been very clear about access to investment capital when these value components are present in a potential transaction.\"Our long-time Aurora partner, Navitus Energy Group (NEG) has contributed $302,000 of investment capital this quarter for ongoing operations support and we look forward to their continued support as we get nearer a possible transaction. Navitus continues to raise capital via their $15 million private placement to help fund operations and acquire targeted oil and gas opportunities,\" said Mr. Hill.Victory Energy is an independent, growth oriented oil and natural gas Company focused on acquiring, developing and producing oil and natural gas properties generally in multiple Texas plays. Through its partnership interest in Aurora Energy Partners, the compan...