Victory Energy is an
independent, growth-oriented oil and gas company focused on growing proved
reserves and cash flow via the continued development of existing properties and
the acquisition of new resource properties.
The company will
source new capital to facilitate this growth by continuing to utilize an
established pipeline in investors available through Aurora Energy Partners and
tapping into additional third party sources of capital when available. Victory
is committed to creating long-term shareholder value by increasing oil
reserves, lowering costs, boosting production volumes, and prudently managing
the capital on its balance sheet.
While geographically
focused onshore, the company’s primary emphasis is on the Permian Basin of
Texas and southeast New Mexico. Victory strategically utilizes both internal
capabilities and key industry relationships to acquire non-operated working
interest positions in low to moderate risk oil and gas prospects. Its focus is
on oil or liquid-rich gas projects within longer life reservoirs that offer
competitive finding and development (F&D) cost per barrel of oil equivalent
(BOE.)
Victory targeted the
Permian Basin in particular because it is the most active play oil field in the
United States, with 2,294 operational wells out of 8,800 total in the country
in the second quarter of 2013. The area covers an approximately 250 miles wide
and 300 miles long space, and through an increased use of enhanced recovery
practices, has produced a substantial impact on U.S. soil production, making up
71% of all oil production in Texas and 17% of the total U.S. production.
The breakeven cost
of doing business in the Permian Basin is about $50 per barrel. And according
to consultants, production in the Permian Basin is estimated to grow 60%
between now and 2016, reaching a total of 1.8 million barrels per day.
Victory Energy is a
proven leader in the natural gas industry, and is financially healthy, with a
long-term commitment to the development of natural gas resources. Although management
takes pride in their past accomplishments, they believe there are many more
opportunities ahead. To that end, they are continuing to build outside
relationships with established E&P operators, geologists, and engineers who
provide access to quality opportunities and the specific expertise needed for
continuing success in the resource plays on which the company is focused.
For more
information, visit: http://www.vyey.com
Please see
disclaimer at: www.qualitystocks.net/disclaimer.php#vyey
No comments:
Post a Comment