Victory Energy Corporation (PINKSHEETS: VYEY), an oil and gas
exploration and development company, today announced that it has
filed its first quarterly report for 2011 on Form 10-Q with the
Securities and Exchange Commission (SEC). Included in this 10-Q
filing are unaudited financial statements for the three month
period ended March 31, 2011.
In summary, the Company reported these results for the quarters
ended March 31, 2011 and 2010:
Quarters Ended March 31:
------------------------
2011 2010
----------- ------------
Revenues $ 108,320 $ 149,371
Costs and expenses 769,790 195,293
Interest expense 213,112 8,252
Gain on settlement with former officer __ 404,623
Income tax benefit 58,105 __
----------- ------------
Net Income (Loss) $ (816,477) $ 350,449
=========== ============
Weighted average shares, basic and diluted 136,719,608 136,719,608
=========== ============
Net loss per share, basic and diluted $ (0.01) $ 0.00
=========== ============
Our cash and cash equivalents, total current assets, total
assets, total current liabilities, and total liabilities as of
March 31, 2011, as compared to December 31, 2010, are as
follows:
March 31, December 31,
2011 2010
------------ ------------
Cash $ 187,494 $ 111,572
Total current assets 280,806 211,298
Total assets 1,034,207 763,033
Total current liabilities 677,905 631,195
Total liabilities 1,492,161 785,815
At March 31, 2011, we had a working capital deficit of $397.0
thousand compared to a working capital deficit of $712.2 thousand
at March 31, 2010. Current liabilities decreased to $677.9 thousand
at March 31, 2011, from $894.9 thousand at March 31, 2010.
The Company reported that as of May 16, 2011, it has raised a
total of $2.1 million of funds from a private placement of 10%
senior secured convertible debentures. The Company also reported
that it has invested in new oil & gas projects including an
option on a major gas project on South Padre Island, Texas; an oil
exploration project in Jones County, Texas; an oil and gas well
interest in Pecos County, Texas; and a natural gas well interest in
Wharton County, Texas.
Robert J. Miranda, Victory Energy's chairman, chief executive
officer and chief financial officer, stated, "We are pleased to
have completed the Company's first quarterly filing for 2011 with
the SEC and are now current in all of our SEC filings. Our
management team is now focused on the continuing process of
exploration and development of the various oil and gas properties
in which we have invested and identifying new opportunities."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration,
acquisition, development, and exploitation of oil and gas
properties. The company endeavors to utilize its broad range of oil
and gas industry relationships to acquire small interests in a
large volume of low- to moderate-risk oil and gas prospects. A
cornerstone of this strategy is an emphasis on developing and
maintaining relationships with proven, well established oil and gas
exploration and development companies.
Prospect acquisitions are ideally weighted toward oil, although
natural gas projects with high BTU content, favorable above market
pricing and modest decline rates will also be targeted. Targeted
prospects generally provide the company with a rapid return of
capital while offering multiple well locations for additional
drilling on an established trend. The model asset portfolio is
geologically and geographically diversified. The company's current
producing oil and gas assets are located in the United States.
For more information, please visit our website
http://www.vyey.com
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
There are forward-looking statements contained in this news
release. They use such words as "intend," "will," "may," "expect,"
"believe," "plan," or other similar terminology. These statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results to be materially different than
those expressed or implied in such statements. These factors
include, but are not limited to: risks associated with the
implementation of the Company's strategic growth plan; legislation
and government regulation including the ability to obtain
satisfactory regulatory approvals; conditions beyond the Company's
control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting the Company's customer base or
acts of war or terrorism; availability and cost of materials and
labor; demand for natural gas; cost and availability of capital;
competition; the Company's overall marketing, operational and
financial performance; economic and political conditions; the
continued service of the Company's executive officer; adverse
developments in and increased or unforeseen legal costs related to
the Company's litigation; the success of the Company's strategic
partnerships and joint venture relationships; the Company's ability
to pay certain debts; adoption of new, or changes in, accounting
policies and practices; adverse court rulings; results of other
litigation in which the Company is involved; and other factors
discussed from time to time in the Company's news releases, public
statements and/or filings with the Securities and Exchange
Commission. Forward-looking information is provided by Victory
Energy Corporation pursuant to the safe harbor established under
the Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of these factors. In addition, the Company
disclaims any intent or obligation to update these forward-looking
statements.
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CONTACT: Robert J. Miranda Chairman and Chief Executive Officer
714.480.0305 Investor Relations 714.227.0391
Victory Oilfield Tech (PK) (USOTC:VYEY)
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