Victory Energy Corp. (VYEY) is a publicly held, independent, growth-oriented exploration and production company, headquartered in Austin, Texas, with additional technical and specialized resources located in Midland, Texas. The company is focused on creating shareholder value by rapidly growing unconventional oil, liquids-rich natural gas reserves and cash-flow via continued low-risk vertical well development on existing properties through the acquisition of new resource properties, offering better that 20% rates of return (ROR) and break-even points below $65 per barrel oil price.
This focus on returns is achieved by targeting the predictable resources plays, favorable operating environment, consistent reservoir quality across multiple target horizons, long-lived reserve characteristics, and high drilling success rates of the Permian Basin of Texas and southeast New Mexico. The company plans to utilize its recently acquired $26 million credit facility and access to $10 million of private placement capital from its partner Navitus Energy Group, to aggressively grow the companies Permian assets through targeted acquisitions of producing properties with upside development potential.
The company strategically utilizes both internal capabilities and strategic industry relationships to acquire non-operated, high-grade working interest positions in predictable, low-to-moderate risk oil and gas prospects. Over the next 18 months, the company anticipates the addition of operating resources and technical capabilities required to manage the anticipated acquisitions in the business plan.
Victory Energy has carefully assembled a management team with more than 117 years of direct and relevant oil and gas experience. The company also utilizes a team of third-party professionals on an as-needed basis. This team includes geologists for prospect evaluation and assessment and reservoir engineering resources for the analysis of current and new properties. Reserve reporting is performed by a third-party engineer located in Midland, Texas. Each independent operator utilized by the company also has their own array of experts tailored for the specific formations and well completion techniques of each property the company holds an interest in.