Victory Oilfield Tech, Inc. (VYEY)

[SweetBlackCrude]

I am not an Accountant or a CPA like Robert Miranda, but can someone that actually understands accounting explain to us
how "Drilling Costs" ia an asset?????????

http://idea.sec.gov/Archives/edgar/data/700764/000110801708000618/victoryenergy10q.htm

SEE PAGE 3

Maybe if we debited Pre-paid Drilling Expense and Credited "Cash".....but we NEVER had the cash to cerdit!!! And he is not calling it a Pre-Paid Expense.....appears to be very misleading to me??? But....I am not an accountant nor a CPA like our CFO....I will try to call him and get a response on this. [phone]

The "Asset" materialized from the 2nd Quarter to the 3rd....apparently out of thin air!!! BAM!!! We have $6.3 mil in a new asset....like a gift from Jon to the shareholders!

From my O&G experience, the only way you can create an Asset from dilling, is if you "HIT" and you can quantify your PROVEN RESERVES!!!!! We don't have ANY PROVEN RESERVES!!!!!!!!

So do we lose our $6 mil in assets if we drill and we come up with a dry hole????? Why is it that I always feel deceived when Victory puts out Press....kinda hard to trust people that allow statements like this to go out....I can hardly wait for the "Audited" 10K.

It gets better...... (or should I say worse)