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Victory Energy Announces First Quarter 2017 Financial Results
Victory Energy Announces First Quarter 2017 Financial Results.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n\n AUSTIN, TX, May 15, 2017 (GLOBE NEWSWIRE) -- Victory Energy Corporation (OTCQB: VYEY) (\"Victory Energy\" or \"the Company\"), a growth stage, Exploration and Production Company, today announced operating results for the three months ended March 31, 2017. \n First Quarter Highlights Received investment capital of $660,000 from Aurora partner Navitus Energy Group (NEG) during the three months ended March 31, 2017.Oil and natural gas revenues increased 29% compared to the first quarter of 2016.At March 31, 2017, the Company held a working interest in 30 gross wells located in the states of Texas and New Mexico. \"We remain focused on our previously communicated growth through acquisitions strategy, and during the last six-months have been actively reviewing prospect acquisition targets in the upstream, midstream and oil services sectors”, stated Kenny Hill, CEO of Victory Energy. “The somewhat stable commodity price environment and significant lowering of break-even prices in the major basins are creating a more favorable marketplace for raising the capital required for the opportunities we are actively reviewing\" continued Mr. Hill. \"Our long-time Aurora partner, Navitus Energy Group (NEG), has contributed $970,000 of investment capital this year to support ongoing operations and prospect opportunity review needs.  In addition, this capital has aided in the resolution of effectively all outstanding company litigation matters.\" 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 plays. Through its partnership interest in Aurora Energy Partners, the Company can acquire needed capital when ideal projects, with specific capital return and development profiles become available. First Quarter in ReviewOil and natural gas revenues increased $19,307 or 29% to $85,300 for the three months ended March 31, 2017 from $65,993 for the three months ended March 31, 2016. The increase is primarily the result of increases in oil and natural gas commodity prices which was partially offset by a decrease in oil production. General and administrative expenses increased $150,276 or 34% to $594,437 for the three months ended March 31, 2017 from $444,161 for the three months ...