Victory Energy Registers Gas Well Holdings in Texas
May 14 2008 - 8:00AM
Marketwired
CARSON CITY, NV announced today it successfully recorded, with
the state of Texas, the ownership interest in a six term assignment
having six producing gas wells, previously acquired in the Texas
Permian Basin.
These interests are now recorded under the Corporations name in
Crockett County, Texas. This recorded interest of each term
assignment is 50% of the 100% working interest and 50% of the 74%
net revenue interest. 26% of the interest is set aside for royalty
interest owners of each lease.
Funds for the transaction were provided by a private
institutional investment group in exchange for a portion of
Victory's interest ownership in each term assignment. Currently
Victory maintains 15% of the interest ownership until such time the
revenues have paid back the original investment, then Victory's
interest ownership will increase to 25%.
"Our delay in recording this interest was due to contractual
obligations required to close this transaction. We are pleased to
finally announce the interest recording of this term assignment to
our shareholders as it demonstrates the Corporation is targeting
the long-term goals of increasing shareholder value," stated Jon
Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation
(http://www.victoryenergyoilandgas.com) is a publicly traded,
developmental stage petroleum company primarily dedicated to
energy-related opportunities. The Company goal is to evaluate
profitable options, develop a solid foundation through leadership
and sound business acumen, and acquire producing wells as well as
other potentially profitable prospects within the Oil & Gas
Industry. Certain statements contained herein are "forward-looking"
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Because such statements include
risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements
include, but are not limited to, those discussed in filings made by
the Company with the Securities and Exchange Commission. The
Company's filings may be accessed at the SEC's EDGAR system at
www.sec.gov. Statements made herein are as of the date of this
press release and should not be relied upon as of any subsequent
date. The Company cautions readers not to place reliance on such
statements.
For information, please contact: Corporate Communications
1-702-989-9735
Victory Oilfield Tech (PK) (USOTC:VYEY)
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