Victory Energy Corporation is an independent, growth-oriented oil and gas company based in Texas, with a primary emphasis on the Permian Basin of Texas and southeast New Mexico.
The U.S., with its long history of oil production, was seen in recent decades as a fading star. With U.S. oil production having peaked in the early 1970s, the U.S. began to drop in ranking as a world oil and gas producer. But that’s not the case today. Since 2008, new technologies and discoveries have uncovered vast new potential in the U.S., allowing production to jump, once again giving the U.S. title in late 2013 as the world’s largest oil producer.
And when it comes to American oil and gas production, the place to remember is the Permian Basin in Texas, in spite of all the talk about the Bakken. Although the Bakken fields in the Dakotas remain highly productive, the existing and future potential represented by the Permian Basin exceeds anything in the country. In fact, roughly 60% of all the oil produced in America currently comes out of the Permian Basin in western Texas, and estimates now suggest that there’s much more to come. New technologies are opening up major new oil deposits in the area previously unavailable.
In the case of Victory Energy, the company recently announced that it is on pace to double in size for the 2013 fiscal year, and do so again very quickly with currently held Permian Basin properties. Although still a young company, undiscounted proved reserves are expected to exceed $6.6 million for the 2013 reporting period, delivering a significant impact on current and future revenue.
For more information, visit www.vyey.com
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