Wednesday, February 19, 2014

Victory Energy Corp. (VYEY) Targeting Permian Basin for Strong Production Value

Victory Energy is an independent, growth-oriented oil and gas company based in Austin, Texas. The company is focused on proven reserves and cash-flow via continuing development of existing properties and strategic acquisitions of new, promising resource properties.

For facilitation of this growth, Victory Energy will source new capital by drawing upon its established pipeline of investors available in Aurora Energy Partners and turning to available capital growth opportunities from additional third party sources. For long-term profitability, the company looks to increase its number of oil reserves, cut down on costs, boost its production volumes, and prudently manage the capital on its balance sheet.

With a geographic focus of onshore regions, Victory Energy is currently targeting the widespread Permian Basin of Texas and southeast New Mexico. This area covers around 75,000 square miles, stretching around 250 miles east-to-west and 300 miles north-to-south.

According to Baker Hughes, the Permian Basin is the most active play in the United States, in terms of rig count and recoverable resources. In 2013, this area had over 2,200 oil wells, over 460 rigs, and around 4.9 wells per rig. At the time of Baker Hughes’ assessment in 2013, that was out of a total of 8,800 oil wells, a little over 1,700 rigs, and around 5.2 rigs per well for all U.S. land plays. Utilization of enhanced recovery practices in the Permian Basin has led this area to a large role in American energy source production. In 2013, the Permian Basin accounted for 71% of all oil production in Texas and 17% of all oil production for the United States.

The EIA also recognizes the basin as a primary contributor, projecting that production in this area will grow more than in any region in the United States in 2014. In 2013, it was found that production had averaged 1.32 million barrels per day. For a future projection, the Permian Basin’s oil production is expected to grow 60% between 2013 and 2016. Putting that into day-by-day figures, the region is slated to be producing up to 1.8 million barrels daily in 2016.

For putting its sustainable growth business plan into action, Victory Energy is headed by a management team with a combined 120 years of professional experience. These savvy professionals boast of experience in c-level management, operational finessing, investor relations and communications, oil and gas industry-related law, oil and gas financial management, resource prospect evaluation and acquisitions, exploration and production, and other fields. The company also relies upon trusted third party experts for property evaluation and assessment as well as reservoir engineering resource allocation for new and existing properties.

For more information, visit: http://www.vyey.com


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