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Victory Energy Corporation Provides Update on Fairway Acquisition
Victory Energy Corporation Provides Update on Fairway Acquisition.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\nVictory Energy Corporation Provides Update on Fairway Acquisition\n\nVictory Energy Corporation Provides Update on Fairway Acquisition\n\n\nExpected Closing Date June 30, 2014\n\nAUSTIN, TX--(Marketwired - June 17, 2014) - Victory Energy Corporation (OTCQX: VYEY) (\"Victory\" or \"the Company\"), a rapidly growing, Permian Basin focused oil and gas company, today provided an update to the previously announced purchase of a 10% non-operated Working Interest ownership of \"The Fairway Prospect\" from a wholly-owned subsidiary of Target Energy Limited (ASX: TEX) (OTCQX: TEXQY) for A$6.5 million (US$6.0 million) by Aurora Energy Partners, a consolidated subsidiary of Victory in which Victory is the controlling member. The Company expects that the acquisition will close on June 30, 2014. The original estimated closing date for the transaction was June 5, 2014 and was postponed due to open items required for the purchase and sale agreement. The company anticipates no other delays.About Victory Energy \n Victory Energy Corporation\n(OTCQX: VYEY) is a public held, independent growth-oriented oil and gas exploration and production company based in Austin, Texas, with additional resources located in Midland, Texas. Victory currently holds interests in high profile targets such as the Wolfcamp, Mississippian and Fusselman plays in the Permian Basin. Victory is the managing partner of Aurora Energy Partners, a Texas General Partnership (Aurora). Victory holds a 50% partnership interest in Aurora which is a consolidated subsidiary of Victory. Victory utilizes sustainable low-risk vertical well development on existing properties and new acquisitions which offer repeatable and highly profitable results; and achieves these results by targeting predictable resources plays, favorable operating environments and consistent reservoir quality across multiple target horizons with long-lived reserve characteristics. For additional information on the company, please visit www.vyey.com.Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or ma...