Victory Energy is an independent oil and gas company focused on growing proved reserves and cash flows by developing existing properties as well as the acquisition of new resource properties. Current initiatives are focused on the Permian Basin of Texas and southeast New Mexico, a significant oil-producing area approximately 250 miles wide and 300 miles long.
The Permian Basin has been one of North America's major oil and gas producing regions for nearly a century, having produced more than 29 billion barrels of oil and 75 trillion cubic feet of natural gas, according to the Railroad Commission of Texas. According to an assessment by the U.S. Geological Survey (USGS) in 1995, the Permian Basin had more than 100 billion barrels of oil in place, and industry experts now estimate the basin to contain recoverable oil and natural gas resources exceeding its production over the last 90 years.
The Permian Basin's early days were dominated by major industry players, but with opportunities abroad and offshore, took a leave from the area from the 1970s through the 1990s. Independent companies took advantage of the shift and moved in to find new ways to keep the Permian productive. However, with the quickening pace of unconventional and conventional, major players started to return to the basin looking for joint-venture and acquisition opportunity. New drilling permits issued in the last eight years alone have more than doubled, increasing to 9,335 in 2012 from 4,435 in 2005.
Recognizing the incredible potential amassed within the Permian Basin, Victory Energy has established a two-pronged strategy of approach: 1) increase oil and gas reserves through the drill bit and expand existing reserve opportunities; and 2) grow the business via acquisition of larger, oil focused projects with a higher working interest position where possible.
Victory Energy utilizes strong internal capabilities and strategic industry relationships to acquire non-operated working interest positions in low-to-moderate risk oil and gas prospects, focusing on projects with longer-life reservoirs.
In the fourth quarter of 2013, Victory Energy said it was on pace to double in size for the 2013 fiscal year and do so again very quickly with currently held Permian Basin properties. The company currently has three proved and producing properties in the area.
Undiscounted proved reserves are expected to exceed $6.6 million for the 2013 reporting period, delivering a significant impact on current and future revenue.
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