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Victory Energy Corporation (OTCQB:VYEY), a Texas-based oil and gas company, said this week it will double in size for the 2013 fiscal year and is poised for significant growth with currently held Permian Basin properties.
Victory Energy Corporation (OTCQB:VYEY), a Texas-based oil and gas company, said this week it will double in size for the 2013 fiscal year and is poised for significant growth with currently held Permian Basin properties. Undiscounted proven reserves are expected to exceed $6.6 million for the 2013 reporting period.
In August, Victory Energy announced a major increase in proven reserves and declared the company on track to reach an inflection point for growth and sustainable profitability. That claim was based on significant improvements made during the first half of 2013 and expectations for the end of the year.
2012-2013 comparables, including Q4 estimates, include:
- 100 percent increase in mineral and drilling funding ($1 million vs. $2 million)
- 97 percent increase in undiscounted proved reserve value ($3.3 million vs. $6.2 million)
- 106 percent increase in revenue ($326,000 vs. $674,000)
- 130 percent increase in oil as a percent of revenue (18 percent vs. 41 percent)
As quoted in the press release:
“We are happy to report that our claim has been validated by the performance data. Every major 2013 goal was achieved and our current properties offer the near-term opportunity to double these key metrics again,” said Kenny Hill, CEO of Victory Energy.
Read the full press release by Victory Energy Corporation (OTCQB:VYEY) here