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Victory Energy Announces Second Quarter 2014 Results
Victory Energy Announces Second Quarter 2014 Results.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nVictory Energy Announces Second Quarter 2014 Results\n\nVictory Energy Announces Second Quarter 2014 Results\n\n\nConference Call at 11:00 am ET on August 19, 2014\n\nAUSTIN, TX--(Marketwired - August 19, 2014) - Victory Energy Corporation, (OTCQX: VYEY) (\"Victory\" or \"the Company\") a rapidly growing, Permian Basin focused oil and gas company, today announced financial and operating results for the three and six months ended June 30, 2014.2014 Second Quarter Highlights:Revenues increased 47% year-over-year to $237,978. $1.2 million of cash and $5.0 million of total assets.Successfully completed two (gross) wells with additional wells underway.Sold its interest in the Lightnin' property for approximately $4 million in cash and recorded a $2.2 million gain.Completed the initial closing on a purchase of a 10% working interest in the Permian Basin Fairway Project from Target Energy for approximately $5 million in cash, growing daily production volumes and adding 4,560 gross acres for future drilling and development.Engaged the MZ Group as our new investor relations firm for capital markets development and investor road shows. Engaged Euro Pacific Capital as our Market Maker and stock certificate conversion point.Upgraded our stock trading platform from the OTCQB to the more transparent and investor friendly OTCQX.Added Dr. Ralph Kehle as a new independent board director effectively July 1, 2014Added Fred J. Smith as new CFO to help guide the financial success of the company effective June 2, 2014.Identified additional Permian production and development acquisition targets that will continue to increase reserves and cash flow for the remainder of 2014 and into 2015.\"We made significant progress toward our strategic goals,\" said Kenny Hill, Victory's CEO. \"For the first time in company history, we closed on almost $9 million of transactions in a single quarter. Our divestiture of the Lightnin' Property ($4.0 million proceeds) provided a sound capital foundation for the acquisition of the 4,560 acre, Fairway Project, growing our production and our drilling inventory by at least forty additional well locations. These two transactions complement each other and illustrate our ability to increase shareholder value by increasing proved reserves on a net basis , adding significantly larger development acreage and leveragin...