Wednesday, April 16, 2014

Victory Energy (VYEY) Delivers Strong 2013 Performance with Increased Oil & Gas Reserves, Revenue Growth

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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