|By Marketwired .||
|May 6, 2014 08:00 AM EDT||
AUSTIN, TX--(Marketwired - May 06, 2014) - Victory Energy Corporation, (OTCQB: VYEY ) ("Victory" or "the Company") today announced that it has successfully completed the Company's fourth well on its Permian Basin Lightnin Prospect, the Cotter 6 #2, located in Glasscock County Texas. The well was drilled and completed in March, 2014 and has averaged daily gross flow rates of 121 BOE during the month of April. The number represents a net 18 BOEPD to the company's interest and a 41% growth in daily production since March 31, 2014.
"This is the fourth and most productive well that we have brought into production on this prospect," stated Kenny Hill, Victory's CEO. "We completed and are producing this stacked formation well in multiple pay zones including the Wolfberry (Wolfcamp and Strawn Sand), Fusselman and Cline. The well represents a very good model for the type of wells we are pursuing in this part of the Permian Basin. We are currently evaluating new much larger Permian prospects for acquisition and development, that offer the same or better production and type curves. Our recently announced $26.4 million bank credit facility will provide the capital we need to expand our position and develop rapidly this year."
About Victory Energy
Victory Energy Corporation (OTCQB: VYEY), based in Austin, Texas with additional resources in Midland is a high growth oil and gas Exploration and Production (E&P) company whose is focused on creating shareholder value through the acquisition and development of assets in the World Class Permian Basin. The company currently holds interests in the Permian where its targets are high profile plays such as the Wolfcamp, Mississippian and Fusselman formations. The company is growing cash-flows through sustainable low-risk vertical well development on existing properties and new acquisitions which offer repeatable and highly profitable results. The Company achieves these results by targeting predictable resources plays, favorable operating environments and consistent reservoir quality across multiple target horizons with long-lived reserve characteristics. For additional information on the company, please visit www.vyey.com.
Safe Harbor Statement
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, December 31, 2012 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.