Victory Energy, an independent growth-oriented oil and gas company, today issued its outlook for fiscal 2013, which includes fourth-quarter estimates, with projections that it will double in size as it is positioned for “significant” growth with its Permian Basin properties.
In August 2013, the company reported a major increase in proved reserves and said it remained on-track for growth and sustainable profitability. Management made this claim based on significant improvements in the first six months of 2013 as well as expectations for the end of the year.
“We are happy to report that our claim has been validated by the performance data. Every major 2013 goal was achieved and our current properties offer the near-term opportunity to double these key metrics again,” said CEO Kenny Hill.
For 2013, the company expects to see:
• 100 percent increase in mineral and drilling funding to $2 million as compared to $1 million reported in fiscal 2012
• 97 percent increase in undiscounted proved reserve value to $6.2 million from $3.3 million in fiscal 2012
• 106 percent increase in revenue to $674,000 from revenue of $326 reported in 2012
• 130 percent increase in oil as a percent of revenue to 41 percent, compared to 18 percent last year
Victory Energy also released historical restated financials and informed of a new investor presentation on the company website, www.vyey.com, reviewing the company’s 2013 calendar year, major properties in the portfolios, and a look-forward to 2014 and 2015. The presentation also discusses a multimillion-dollar capital raising effort with Victor Energy partner Navitus Energy Group.
Furthermore, Victory Energy detailed its reporting status with the SEC, noting issues in 2012 related to SEC financial reporting from prior years. Because of these issues, the non-controlling interest Navitus Energy Group will be separately detailed on the face of the consolidated financial statements in addition to being discussed in footnote disclosure for the 2011 and 2012 reporting periods.
Victory Energy has fulfilled its requirement to restate all quarterly and annual financial reports for the 2011 and 2012 reporting periods. With the impending completion and release of yet-to-be-filed 2013 Q1-Q3 reports, and prior to a timely filing of the 2013 Form 10-K, the company’s filings will be current.
“I’m happy to report the source of these accounting and reporting issues have been resolved and all back office accounting and business processes are now performed by qualified staff here in Austin, Texas,” said Hill.
For more information, visit www.vyey.com
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