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Victory Energy Corporation Issues Updated Reserve Report
Victory Energy Corporation Issues Updated Reserve Report.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n\nVictory Energy Corporation Issues Updated Reserve Report\n\nVictory Energy Corporation Issues Updated Reserve Report\n\n\n\nPV-10 Increases 62.6% to $3.9 Million\n\n\nAUSTIN, TX--(Marketwired - August 20, 2014) - Victory Energy Corporation, (OTCQX: VYEY) (\"Victory\" or \"the Company\") a rapidly growing, Permian Basin focused oil and gas company, today issued an updated reserve report showing a 62.6% increase in the PV-10 value of its reserves based on a report issued by Cambrian Management Ltd., an independent petroleum reserves engineering firm. The majority of the increase is attributed to the Fairway Project acquired in June 2014. The Cambrian Management Ltd. report showed total reserves of approximately 205.6 MBOE and a PV-10 of approximately $3.9 million. These totals include probable reserve based values of $1.4 million PV-0 and $.8 million PV-10, all of which is associated with the Fairway Project. Without the benefit of the probable reserves at June 30, 2014, PV-10 increase would have been 28.3 % higher than December 31, 2013.\n Reserves\n  Oil Mbbl\n  Gas MMcf\n  Total MBOE\n  Revenue\n  PV-0\n  PV-10\n \n PDP\n  27.2\n  677.3\n  10.1\n  $6,470,870\n  $3,440,510\n  $2,145,470\n \n PDNP\n  11.5\n  21.2\n  15.0\n  $1,242,690\n  $772,810\n  $565,030\n \n PUD\n  12.8\n  11.5\n  14.7\n  $1,287,100\n  $714,300\n  $396,590\n \n Probable\n  28.4\n  44.2\n  35.8\n  $3,016,510\n  $1,385,710\n  $830,170\n \n Total Reserves\n  79.9\n  754.2\n  205.6\n  $12,017,170\n  $6,313,330\n  $3,937,260\n The Fairway Project located in Glasscock and Howard County, Texas accounted for the majority of the increases in PDNP, PUD and Probable reserves. As of August 1, 2014, four new wells have been drilled on the Fairway property by Target Energy; four additional wells will be drilled in 2014. Under Securities and Exchange Commission guidelines, the commodity prices used in the June 30, 2014 and December 31, 2013 PV-10 estimates were based on the 12-month unweighted arithmetic average of the first day of the month prices for the period July 1, 2013 through June 1, 2014, and for the period January 1, 2013 through December 1, 2013, respectively, adjusted by lease for...