The Permian Basin in
Southeastern New Mexico and West Texas stretches approximately 250 miles wide
and 300 miles long. In the past five years alone, horizontal drilling in the
Permian Basin oil field has increased fivefold, according to the U.S. Energy
Information Administration (EIA). In the past three years, oil companies have
drilled more than 9,300 new wells in the area, utilizing the latest oilfield
technology to reach reserves once thought to be out of reach.
Austin-based Victory
Energy is an independent, growth-oriented oil and natural gas company with a
primary focus on the Permian Basin in Texas and southeast New Mexico.
Specifically, the company is engaged in the acquisition, exploration,
development, and production of oil and natural gas properties, through its
partnership with Navitus in Aurora.
In 2012-2013, the
company achieved its broader business objective to grow proved reserves,
reporting an increase of 102 percent in proved oil reserves and 6.5 percent in
proved gas reserves for 2013. By acquiring working interest positions in
low-to-moderate risk oil and natural gas prospects, at the end of 2013Victory
Energy had grown its portfolio to consists of working interests in 21 completed
predominantly located in the Permian Basin of West Texas, as well as two
additional wells in progress. The company also added properties large enough to
offer new multi-well drilling opportunities in the future.
According to a
recent SEC filing, Victory Energy posted full-year 2013 total revenue,
including proceeds of sales, net of royalty, and gas transportation deductions,
at $735,413, an increase of 125 percent compared to revenues of $326,384 for
the 12 months ended December 31, 2012. Net losses for 2013 decreased 70 percent
to $2.1 million, compared to a net loss of $7.0 million for the prior year.
Today, the Permian
Basin is the country’s largest oil producer, and the EIA expects oil production
to top 1.3 million barrels per day in 2014, an impressive leap from just
800,000 barrels in 2007.
Through a recently
closed $36 million of bank and private placement funding, Victory Energy is
positioned to aggressively grow its Permian Basin (Texas) assets through targeted
acquisitions of producing properties with upside development potential.
For more
information, visit www.vyey.com
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