Victory Energy, an independent, growth-oriented oil and gas company, today reports that in the first six months of this year it has increased by 60 percent the proved reserves at its Permian Basin Lightnin’ prospect, and for the same period has ramped daily production by 89 percent.
The March 2012 acquisition of the first 320-acre Cotter parcel at Lightnin’ kicked-off the Victory Energy’s new focus on expanding high-value, low-risk, multi-well properties within the prolific Permian Basin of west Texas and the adjoining area of southeastern New Mexico. The company’s strategy is to combine and leverage its internal capabilities and strategic industry relationships to acquire working interest positions in low-to-moderate risk oil and gas prospects.
Based on this business model, from 2011 to 2012 the company grew proved reserves by 16 percent to 137,330 barrels of oil equivalent (BOE), and daily production by 48 percent to 32.6 BOE, with growth accelerated by 2013′s success in the Permian. Oil currently represents 41 percent of total proved reserves, an improvement from 18 percent recorded at the end of 2012. Current total net proved reserves are estimated at 220,330 BOE, with net daily production of 62 BOE.
“When we purchased the Lightnin’ property in March of 2012, we knew drilling in this area could provide a critical turning point for the company. Drilling the first two wells of several at Lightnin’ (Cotter #1 and McCauley #1) have proven our strategy to be successful and we expect the remaining wells to be drilled on the property to also provide a major increase in revenue and a significant step toward sustainable profitability,” Kenny Hill, Victory Energy CEO, stated in the press release.
The May 2013 addition of the McCauley parcel brings the total gross acres held at Lightnin’ to 640. The first vertical well (Cotter #1) was spud in January 2013, completed in February and brought into production in late March. The second well (McCauley “6″ #1) was spud in May and placed on production in late June.
For more information, visit www.vyey.com
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