Victory Energy, an
Austin, Texas-based growth-oriented oil and gas exploration and production
company, today made its debut on the OTCQX® marketplace under the trading
symbol “VYEY,” and announced its acquisition of a West Texas property that will
add nine working wells to the company’s portfolio of Permian Basin assets.
“We are pleased to
welcome Victory Energy to OTCQX,” R. Cromwell Coulson, president and CEO of OTC
Markets Group, stated in the news release. “Victory exemplifies the
high-quality U.S. companies that have chosen OTCQX to provide their investors
with a superior trading and information experience. We look forward to working
with Victory as it continues in its journey as a transparent, shareholder-friendly
public company.”
This achievement
reflects the successful execution of the company’s growth strategy and desire
to increase shareholder value.
“We have made
significant progress in expanding our assets and capitalizing over the last
year,” stated Victory Energy CEO Kenny Hill. “These efforts crystallize our
opportunity to sustain development and generate value for our shareholders.
Trading on the OTCQX marketplace will help us further increase our shareholder
base and liquidity as we enter this next stage of the company’s growth.”
Separately, Victory
Energy said has agreed to acquire a 10% non-operated working interest ownership
of “The Fairway Prospect” from a wholly owned subsidiary of Target Energy Ltd.
for a total cash consideration of approximately $6.0 million.
“We are extremely
excited to be working with Target Energy and the world class operator that has
developed this property to date,” said Hill. “The completion of this
acquisition will add nine producing wells to the portfolio and enough
undeveloped acreage to drill for at least three years. Net new production to
the company interest is approximately 64 BOE/PD, more than doubling the current
61 BOE/PD of the company. Production is occurring from the Wolfberry and the
highly sought after Fusselman formations. Eight additional development wells a
currently scheduled in the 2014 development plan on approximately 4,560 gross
acres in our growing portfolio of Permian Basin assets. The acquisition is
strongly in line with our focus on creating shareholder value by rapidly
growing unconventional oil, and liquids-rich natural gas reserves on existing
properties and through the acquisition of new resource properties.”
Target will remain
as the largest interest‐holder in the project, retaining a 50%
working interest in all leases other than Wagga Wagga (35% WI). The deal is
expected to close on or before June 5, 2014, with an effective date of May 1,
2014.
For more
information, visit www.vyey.com
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