Followers | 437 |
Posts | 42954 |
Boards Moderated | 2 |
Alias Born | 05/08/2006 |
Thursday, May 08, 2014 11:36:04 AM
Victory Energy, an Austin, Texas-based growth-oriented oil and gas exploration and production company, today made its debut on the OTCQX® marketplace under the trading symbol “VYEY,” and announced its acquisition of a West Texas property that will add nine working wells to the company’s portfolio of Permian Basin assets.
“We are pleased to welcome Victory Energy to OTCQX,” R. Cromwell Coulson, president and CEO of OTC Markets Group, stated in the news release. “Victory exemplifies the high-quality U.S. companies that have chosen OTCQX to provide their investors with a superior trading and information experience. We look forward to working with Victory as it continues in its journey as a transparent, shareholder-friendly public company.”
This achievement reflects the successful execution of the company’s growth strategy and desire to increase shareholder value.
“We have made significant progress in expanding our assets and capitalizing over the last year,” stated Victory Energy CEO Kenny Hill. “These efforts crystallize our opportunity to sustain development and generate value for our shareholders. Trading on the OTCQX marketplace will help us further increase our shareholder base and liquidity as we enter this next stage of the company’s growth.”
Separately, Victory Energy said has agreed to acquire a 10% non-operated working interest ownership of “The Fairway Prospect” from a wholly owned subsidiary of Target Energy Ltd. for a total cash consideration of approximately $6.0 million.
“We are extremely excited to be working with Target Energy and the world class operator that has developed this property to date,” said Hill. “The completion of this acquisition will add nine producing wells to the portfolio and enough undeveloped acreage to drill for at least three years. Net new production to the company interest is approximately 64 BOE/PD, more than doubling the current 61 BOE/PD of the company. Production is occurring from the Wolfberry and the highly sought after Fusselman formations. Eight additional development wells a currently scheduled in the 2014 development plan on approximately 4,560 gross acres in our growing portfolio of Permian Basin assets. The acquisition is strongly in line with our focus on creating shareholder value by rapidly growing unconventional oil, and liquids-rich natural gas reserves on existing properties and through the acquisition of new resource properties.”
Target will remain as the largest interest-holder in the project, retaining a 50% working interest in all leases other than Wagga Wagga (35% WI). The deal is expected to close on or before June 5, 2014, with an effective date of May 1, 2014.
For more information, visit www.vyey.com
Recent VYEY News
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 08:31:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:21:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 08:47:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/04/2023 10:14:09 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 09/19/2023 01:56:19 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 04:53:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/26/2023 01:20:05 PM
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM