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Victory Energy Announces Fiscal 2015 Financial Results
Victory Energy Announces Fiscal 2015 Financial Results.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nVictory Energy Announces Fiscal 2015 Financial Results\n\nVictory Energy Announces Fiscal 2015 Financial Results\n\n\n AUSTIN, TX--(Marketwired - April 11, 2016) - \n Victory Energy Corporation, (OTCQB: VYEY) (\"Victory\" or \"the Company\") a growth stage, Exploration and Production Company, today announced operating results for the twelve months ended December 31, 2015.\n Fiscal 2015 Highlights\n \n Received investment capital of $2.9 million from partner Navitus Energy Group (NEG) in fiscal 2015.\n Added working interest in five South Texas Eagle Ford oil wells as part of the settlement agreement associated with the terminated Lucas Energy merger.\n Increased total oil production 87% to 12,152 (Bbl) from 6,509 (Bbl) in fiscal 2014.\n Increased Barrels of oil equivalent 31% to 50 BOE/d (66% oil) from 39 BOE/d in fiscal 2014.\n Decreased production costs 28% per BOE prices in fiscal 2015.\n At December 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 the team here at Victory Energy in achieving 87% growth in oil production as well as an increase in total gross wells, all while recording a decrease in lease operating expenses,\" commented Kenny Hill, Chief Executive Officer of Victory Energy.\"We remain diligent in seeking potential acquisition targets with proved producing reserves, limited mandatory development risk and limited lease expiration exposure. The depressed commodity market has created voluminous opportunities to acquire properties at attractive valuations and we are confident that further opportunities will present themselves.\"Investment capital from our long-time partner Navitus Energy Group (NEG) has positively and substantially impacted Victory Energy through the past twelve months more than at any time during the partnership since its creation in 2008. Navitus is currently raising up to $15 million of investment capital via a private placement to help fund operations and acquire developing 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 ...