Victory Energy Corporation, (Victory Energy)
(PINKSHEETS: VYEY), an independent, growth-oriented oil and gas
company, today announced that recent successes at its Permian Basin
Lightnin' prospect have increased proved reserves by 60 percent and
daily production by 89 percent during the first half of this year.
"When we purchased the Lightnin' property in March of 2012, we
knew drilling in this area could provide a critical turning point
for the company. Drilling the first two wells of several at
Lightnin' (Cotter #1 and McCauley #1) have proven our strategy to
be successful and we expect the remaining wells to be drilled on
the property to also provide a major increase in revenue and a
significant step toward sustainable profitability," said Kenny
Hill, Victory Energy CEO.
From 2011 to 2012 Victory Energy grew proved reserves by 16
percent, from 118,000 to 137,330 barrels of oil equivalent (BOE),
and daily production by 48 percent, from 21.9 to 32.6 BOE. 2013's
success in the Permian Basin has accelerated this growth. With the
addition of over 83,000 net BOE of proved reserves and 29.4 BOE per
day of net new production from Victory Energy's Lightnin' prospect
alone, total proved reserves have increased by 60 percent and net
daily production by 89 percent since the end of 2012. Oil currently
represents forty-one percent of total proved reserves, an
improvement from 18 percent at the end of 2012. Current total net
proved reserves are estimated at 220,330 BOE, with net daily
production of 62 BOE. Victory Energy plans to drill two additional
wells at Lightnin' this year and is actively pursuing additional
properties with similar characteristics.
About the Lightnin' Prospect, Glasscock County,
Texas With the March 2012 acquisition of the first 320-acre
Cotter parcel at Lightnin', Victory Energy, through its partnership
with Navitus Energy Group, began a new focus on the expansion of
high-value, low-risk, multi-well properties within the prolific
Permian Basin of west Texas and the adjoining area of southeastern
New Mexico. The May 2013 addition of the McCauley parcel brings the
total gross acres held at Lightnin' to 640. It is located in the
very active resource play known as the Wolfberry, which is composed
of the lower Spraberry, Dean, Wolfcamp, Cline Shale, into the
Pennsylvanian. The first vertical well (Cotter #1) was spud in
January 2013, completed in February and brought into production in
late March. The second well (McCauley "6" #1) was spud in May and
placed on production in late June.
Please note that Victory Energy intends to use
its website, www.vyey.com, as a means of disclosing material
non-public information and for complying with its disclosure
obligations under Regulation FD. Such disclosures will be included
on the Victory Energy website in the "Investor Relations" section.
Accordingly, investors should monitor such portions of the Victory
Energy website in addition to following press releases, SEC filings
and public conference calls and webcasts.
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About Victory Energy Corporation
Victory Energy Corporation (PINKSHEETS: VYEY) is an independent,
growth oriented oil and gas company engaged in the acquisition,
exploration and production of oil and natural gas properties
through its partnership with Aurora Energy Partners. The Company's
objective is to create long-term shareholder value by increasing
oil reserves, improving financial returns (higher production
volumes and lower costs), and managing the capital on its balance
sheet.
Victory is geographically focused onshore, with a primary focus
in the Permian Basin of Texas and southeast New Mexico. The Company
leverages both internal capabilities and strategic industry
relationships to acquire working interest positions in
low-to-moderate risk oil and gas prospects.
Its focus is primarily on oil or liquid-rich gas projects within
longer-life reservoirs that offer competitive finding and
development (F&D) costs per barrel of oil equivalent (BOE).
Download the Investor Fact Sheet for current summary of projects
and activity. The Company is traded under the ticker symbol
VYEY.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 This press release
contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the Company based on management's
experience, perception of historical trends and technical analyses,
current conditions, anticipated future developments and other
factors believed to be appropriate and reasonable by management.
When used in this press release, the words "will," "potential,"
"believe," "estimated," "intend," "expect," "may," "should,"
"anticipate," "could," "plan," "project," or their negatives, other
similar expressions or the statements that include those words, are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Among
these forward-looking statements are statements regarding EURs,
estimated BOE, estimated future gross undiscounted cash flow and
estimated drilling and completion costs. Such forward-looking
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements, including
but not limited to, changes to drilling plans and schedules by the
operators of prospects, overruns in costs of operations, hazards,
delays, and any other difficulties related to drilling for and
producing oil or gas, the price of oil, NGLs, and gas, results of
marketing and sales of produced oil and gas, estimates made in
evaluating reserves, competition, general economic conditions and
the ability to manage and continue growth, and other factors
described in the Company Annual Report on Form 10-K/A for the
fiscal year ended December 31, 2011 and any updates to those risk
factors set forth in the Company's Quarterly Reports on Form 10-Q.
Further information on such assumptions, risks and uncertainties is
available in the Company's other filings with the Securities and
Exchange Commission ("SEC") that are available on the SEC's website
at www.sec.gov, and on the Company's website. Any forward-looking
statement speaks only as of the date on which such statement is
made and the Company undertakes no obligation to correct or update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
CONTACTS: Victory Energy Corporation Kenny Hill CEO 512-347-7300
Public Relations: Roepke Public Relations Katherine Roepke
kroepke@roepkepr.com Karen Mahoney kmahoney@roepkepr.com
612-677-1717
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