The last two years
have yielded significant progress for Victory Energy and its five-year
partnership with Aurora Energy Partners and Navitus Energy Group. Victory
Energy’s broader focus is on creating long-term shareholder value by increasing
oil and natural gas reserves, improving financial returns, and managing the
capital on its balance sheets. If the Austin-based company’s most recent 10-K
filing is any implication, Victory Energy is strongly aligned and on track with
this mission.
Victory Energy is an
independent, growth-oriented oil and natural gas company engaged in the
acquisition, exploration, development, and production of oil and natural gas
properties primarily in the Permian Basin. In fact, each of Victory Energy’s
Permian Basin properties is located in the crux of hot plays already being
developed by large operating and development large companies such as Concho
Resources, EOG, Endeavor, Devon, Apache, Pioneer, Chesapeake, and others.
In 2012, the company
met its primary business objective to grow proved reserves through new drilling
and then increased the value of those reserves by shifting its focus on oil.
This strategy was extended and successfully carried out through the end of
2013, resulting in a year-over-year increase of 102 percent in proved oil
reserves and an increase of 6.5 percent in proved gas reserves for 2013.
Furthermore, the
company extended its portfolio, adding properties large enough to provide new
multi-well drilling opportunities in the future. As of the end of 2013, Victory
Energy had expanded its portfolio to 21 completed wells located in Texas and
New Mexico, predominantly in the Permian Basin of West Texas, with an
additional two wells working toward completion.
The strong
operations performance contributed to significant growth in net revenues, which
increased 125 percent to $735,413 for full-year 2013, compared to revenues of
$326,384 for full-year 2012. Oil production revenues also grew to $492,753 for
full-year 2013, compared to oil production revenues of $139,320 for the
comparable 12 months of 2012.
Net loss was cut by
70 percent to $2.1 million, compared to a net loss of $7.0 million for
full-year 2012. The 2013 net loss attributable to Victory Energy decreased 75
percent to $1.6 million after taking into account the loss attributable to
non-controlling interest.
For 2014, Victory
Energy and partners intend to continue this growth pattern by developing 12
gross well locations on current high-value properties; acquiring producing
strategic properties in the Midland and Central basins of the Permian; and
acquiring additional development acreage with multi-year drilling opportunity.
For more
information, visit www.vyey.com
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