Victory Energy Corp. is an independent, growth-oriented oil and gas company focused on growing proved reserves and cash-flow via the continued development of existing properties and the acquisition of new resource properties, primary located in the prolific Permian Basin of Texas and southeast New Mexico. The Company will source new capital to facilitate this growth by continuing to utilize an established pipeline of investors available through Aurora Energy Partners and additional third-party sources. The company is committed to creating long-term shareholder value by increasing oil reserves, lowering costs, boosting production volumes, and prudently managing the capital on its balance sheet.
The company is geographically focused onshore, with a primary emphasis on the Permian Basin of Texas and southeast New Mexico. Victory strategically utilizes both internal capabilities and strategic industry relationships to acquire non-operated working interest positions in low-to-moderate risk oil and gas prospects. Its focus is 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 (NYSE:BOE).
Victory's carefully assembled management team has more than 120 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 property 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.
As it executes its strategy, Victory will be targeting investment in larger working interest projects (10%-25% that are weighted toward oil and high-BTU natural gas. This approach of increasing economic interest should allow for improved returns through cost efficiencies derived from economies of scale. Lower expenses and additional capital will give the company added flexibility to invest in the development of its current proven undeveloped, possible, and probable reserves, while also allowing for additional oil and gas prospects and improved working interest positions.
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