am15.12.2010 nach dieser Hammermeldung, HANDEL In Deutschland in Berlin und Frankfurt. Victory Energy Corporation Awarded $17.2 Million in Monetary Damages in Final Judgment Against Several Defendants Dec. 15, 2010 (Marketwire) -- SANTA ANA, CA -- (Marketwire) -- 12/15/10 -- Victory Energy Corporation, (PINKSHEETS: VYEY), today announced that on December 9, 2010, the Superior Court for the State of Texas entered a final judgment against the defendants: Jim Dial; 1st Texas Natural Gas Company, Inc.; Universal Energy Resources, Inc.; Grifco International, Inc.; and Precision Drilling & Exploration, Inc. in the case of James Capital Energy, LLC and Victory Energy Corporation vs. Jim Dial, 1st Texas Natural Gas Company, Inc., Universal Energy Resources, Inc., Jon Fullenkamp, Ozona Natural Gas Company, LLC, Remuda Operating Company, Grifco International, Inc., and Precision Drilling & Exploration, Inc. The final judgment awards Victory Energy Corporation and James Capital Energy, LLC, the plaintiffs, compensatory damages against five of the defendants in the amount of $5.6 million, jointly. The court also awarded punitive damages against each of these defendants in the amount of $2.2 million per defendant, for a total punitive damage award of $11.2 million. Additionally, the court awarded the plaintiffs pre-judgment interest and attorney fees. The court held that each of the defendants knowingly and intentionally perpetuated a fraud on the plaintiffs. Additionally, the court found that each defendant breached their contract with the plaintiffs, breached their fiduciary duty to the plaintiffs, and committed acts in violation of the Texas Oil and Gas Proceeds Payment Act. Robert Miranda, interim CEO and CFO stated, "We view this final judgment as a positive event and we intend to continue to pursue litigation with the remaining defendants. Our intent is to seek legal redress for all wrongful acts the defendants have taken against the company. We will keep investors informed as to our current status and progress going forward." Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements. CONTACT: Robert J. Miranda Interim Chief Executive Officer Chief Financial Officer 714.480.0305 Source: Marketwire (December 15, 2010 - 3:03 PM EST) News by QuoteMedia <<< Posting gekürzt anzeigen
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Victory Energy Corporation Purchases Option on Texas Natural Gas Field
Jan. 4, 2011 (Marketwire) --
NEWPORT BEACH, CA -- (Marketwire) -- 01/04/11 -- Victory Energy Corporation (PINKSHEETS: VYEY) today announced that on December 31, 2010, it entered into an option agreement to acquire an oil and gas lease in a 1,000 acre tract of South Padre Island, Texas.
The option gives Victory Energy the exclusive right to acquire an oil and gas lease at the property for a period of one year. Under the terms of the option, Victory Energy will have full access to the land and may conduct geophysical or seismic testing of the land to ascertain the potential gas reserves.
Padre Island Gas Field is located 15 miles north of Port Isabel, Texas. The field was discovered by Gulf Oil in 1960 and produced approximately 3.8 billion cubic feet (BCF) to October 1, 1980 from two Miocene Sands at 6,000 feet and 6,500 feet. Three wellbores are currently shut-in and will be re-evaluated for activation. These wells were producing 14 million cubic feet (MMCF) per month when they were shut-in in 2002. One of the wells could be recompleted at 6,000 feet, and another could be put on pump to flow gas up the backside. In addition, there is a 4 foot gas sand on water at 1,712 feet indicated by well logs and a gas core that has not been previously produced. A formation test of this sand had immediate pressure of 465 psi.
A successful completion of this sand could have potential of 2 BCF proved undeveloped reserves (PUD) of natural gas. There is an intact pipeline available to transport gas to onshore facilities. Compression facilities could be installed to further recover gas. The wells are located on Padre Island and are accessible by road.
The optioned property contains three previously producing gas wells and the delivery infrastructure to transport the gas to onshore facilities. Victory Energy will have a 100 percent working interest and 75 percent net revenue interest in this project.
Robert Miranda, Victory Energy's Chairman and interim CEO, stated, "As part of our due diligence on the site, we will thoroughly evaluate these wells and the pipeline infrastructure to determine their viability. During the option period, we will also explore for additional drilling opportunities.
"This addition to our company's portfolio of assets marks a new beginning for Victory Energy. The area around South Padre Island is well-known for its natural gas reserves and should offer our company the potential for increasing our output. Our hope for this site, and our reason for acquiring this option, is that it will produce enough natural gas to complement our revenue stream from our already-producing Adams-Baggett gas wells located in Ozona, Texas."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
Chief Financial Officer
714.480.0305
Investor Relations
714.480.0305
Source: Marketwire (January 4, 2011 - 6:08 PM EST)
News by QuoteMedia
Jan. 4, 2011 (Marketwire) --
NEWPORT BEACH, CA -- (Marketwire) -- 01/04/11 -- Victory Energy Corporation (PINKSHEETS: VYEY) today announced that on December 31, 2010, it entered into an option agreement to acquire an oil and gas lease in a 1,000 acre tract of South Padre Island, Texas.
The option gives Victory Energy the exclusive right to acquire an oil and gas lease at the property for a period of one year. Under the terms of the option, Victory Energy will have full access to the land and may conduct geophysical or seismic testing of the land to ascertain the potential gas reserves.
Padre Island Gas Field is located 15 miles north of Port Isabel, Texas. The field was discovered by Gulf Oil in 1960 and produced approximately 3.8 billion cubic feet (BCF) to October 1, 1980 from two Miocene Sands at 6,000 feet and 6,500 feet. Three wellbores are currently shut-in and will be re-evaluated for activation. These wells were producing 14 million cubic feet (MMCF) per month when they were shut-in in 2002. One of the wells could be recompleted at 6,000 feet, and another could be put on pump to flow gas up the backside. In addition, there is a 4 foot gas sand on water at 1,712 feet indicated by well logs and a gas core that has not been previously produced. A formation test of this sand had immediate pressure of 465 psi.
A successful completion of this sand could have potential of 2 BCF proved undeveloped reserves (PUD) of natural gas. There is an intact pipeline available to transport gas to onshore facilities. Compression facilities could be installed to further recover gas. The wells are located on Padre Island and are accessible by road.
The optioned property contains three previously producing gas wells and the delivery infrastructure to transport the gas to onshore facilities. Victory Energy will have a 100 percent working interest and 75 percent net revenue interest in this project.
Robert Miranda, Victory Energy's Chairman and interim CEO, stated, "As part of our due diligence on the site, we will thoroughly evaluate these wells and the pipeline infrastructure to determine their viability. During the option period, we will also explore for additional drilling opportunities.
"This addition to our company's portfolio of assets marks a new beginning for Victory Energy. The area around South Padre Island is well-known for its natural gas reserves and should offer our company the potential for increasing our output. Our hope for this site, and our reason for acquiring this option, is that it will produce enough natural gas to complement our revenue stream from our already-producing Adams-Baggett gas wells located in Ozona, Texas."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
Chief Financial Officer
714.480.0305
Investor Relations
714.480.0305
Source: Marketwire (January 4, 2011 - 6:08 PM EST)
News by QuoteMedia
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Victory Energy Corporation Announces New Executive Appointments
Opens Office in Austin, Texas
NEWPORT BEACH, CA, Jan 10, 2011 (MARKETWIRE via COMTEX) -- Victory Energy Corporation (PINKSHEETS: VYEY) today announced that it has appointed Mr. Kenneth Hill to the position of vice president and chief operating officer, and Mr. Stanley L. Lindsey to the position of vice president of exploration and development. Additionally, the company announced that is has opened an office in Austin, Texas.
As vice president and chief operating officer at Victory Energy, Mr. Hill will take on the leadership role of managing operations for the company, overseeing contract negotiations, field oversight and administration.
Mr. Hill brings a broad array of corporate operations and financial expertise to his new position with the Company. Over the last twenty-five years, he has been instrumental in the development and success of numerous well-known companies in a variety of industries.
For the past three years, Mr. Hill held the titles of interim chief executive officer, vice president of operations and vice president of investor relations for the U.S. subsidiary of a publicly traded Australian oil and gas company. As interim CEO, he brought the company to profitability in less than twelve months. He was influential in bringing $7 million of new capital to the company in 2009 and then quickly finding and drilling the company's first successful oil wells. During his tenure he developed all global information sharing and data libraries as well as all internal operations and business processes for the company. He was also responsible for the coordination of global investor relations. He attended Southwest Texas State University and has completed several executive MBA programs at the University of Texas, Austin.
Mr. Lindsey, Victory Energy's newly appointed vice president of exploration and development, will be responsible for identifying, evaluating and developing oil and natural gas resource opportunities and overseeing project delivery.
He has over 30 years of experience in the oil and gas industry, including exploration, development, operations, acquisitions and divestitures. He is a certified petroleum geologist by both the American Association and the American Institute of Petroleum Geologists. His areas of expertise are seismic mapping (2D and 3D), subsurface mapping, and well log analysis. He has worked in numerous states in the U.S.A. as well as in Australia and Africa. He is a member of the AAPG, AIPG, SIPES, and Houston Geological Society.
He holds a bachelor's degree in geology with a minor in chemistry from Stephen F. Austin State University.
Robert Miranda, Victory Energy's chairman and interim CEO, stated, "We are pleased to have these two accomplished individuals join Victory Energy. The addition of Kenny and Stan will provide Victory Energy with means to identify the most profitable areas to drill for oil and natural gas deposits, and help locate and vet additional opportunities that may be available to the company. They possess the ability to implement the necessary operational and administrative functions necessary for a thriving business."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
Chief Financial Officer
714.480.0305
Investor Relations
714.480.0305
SOURCE: Victory Energy Corporation
Opens Office in Austin, Texas
NEWPORT BEACH, CA, Jan 10, 2011 (MARKETWIRE via COMTEX) -- Victory Energy Corporation (PINKSHEETS: VYEY) today announced that it has appointed Mr. Kenneth Hill to the position of vice president and chief operating officer, and Mr. Stanley L. Lindsey to the position of vice president of exploration and development. Additionally, the company announced that is has opened an office in Austin, Texas.
As vice president and chief operating officer at Victory Energy, Mr. Hill will take on the leadership role of managing operations for the company, overseeing contract negotiations, field oversight and administration.
Mr. Hill brings a broad array of corporate operations and financial expertise to his new position with the Company. Over the last twenty-five years, he has been instrumental in the development and success of numerous well-known companies in a variety of industries.
For the past three years, Mr. Hill held the titles of interim chief executive officer, vice president of operations and vice president of investor relations for the U.S. subsidiary of a publicly traded Australian oil and gas company. As interim CEO, he brought the company to profitability in less than twelve months. He was influential in bringing $7 million of new capital to the company in 2009 and then quickly finding and drilling the company's first successful oil wells. During his tenure he developed all global information sharing and data libraries as well as all internal operations and business processes for the company. He was also responsible for the coordination of global investor relations. He attended Southwest Texas State University and has completed several executive MBA programs at the University of Texas, Austin.
Mr. Lindsey, Victory Energy's newly appointed vice president of exploration and development, will be responsible for identifying, evaluating and developing oil and natural gas resource opportunities and overseeing project delivery.
He has over 30 years of experience in the oil and gas industry, including exploration, development, operations, acquisitions and divestitures. He is a certified petroleum geologist by both the American Association and the American Institute of Petroleum Geologists. His areas of expertise are seismic mapping (2D and 3D), subsurface mapping, and well log analysis. He has worked in numerous states in the U.S.A. as well as in Australia and Africa. He is a member of the AAPG, AIPG, SIPES, and Houston Geological Society.
He holds a bachelor's degree in geology with a minor in chemistry from Stephen F. Austin State University.
Robert Miranda, Victory Energy's chairman and interim CEO, stated, "We are pleased to have these two accomplished individuals join Victory Energy. The addition of Kenny and Stan will provide Victory Energy with means to identify the most profitable areas to drill for oil and natural gas deposits, and help locate and vet additional opportunities that may be available to the company. They possess the ability to implement the necessary operational and administrative functions necessary for a thriving business."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
Chief Financial Officer
714.480.0305
Investor Relations
714.480.0305
SOURCE: Victory Energy Corporation
Victory Energy Corporation Announces Its Acquisition of 40,966 Acre Oil Producing Interest in Jones County, Texas
Tuesday February 22, 2011 - 10:30 AM EST
Marketwire News Releases
Released By Victory Energy Corporation
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NEWPORT BEACH, CA -- (Marketwire) -- 02/22/11 -- Victory Energy Corporation (PINKSHEETS: VYEY)
* First Well Completed and on Production
* Current Production at 300 BOPD and 100 MCF of Natural Gas per Day
* Entire Development Area Supported by 3-D Seismic Imaging
* Multi-year Drilling Program Planned
Victory Energy Corporation (PINKSHEETS: VYEY), through its affiliate, Aurora Energy Partners, is pleased to announce that it has entered into an agreement with C.O. Energy, LLC and Marshall R. Young Oil Co. to acquire a 2.5 percent working interest in the Young No. 1 well located in Jones County, Texas. This "Glen Thomas" wildcat well was completed and tested January 14, 2011. The well is now on production at a rate of 300 barrels of oil per day (BOPD) and 100 MCF of natural gas per day.
Interest assignment of this production is effective February 1, 2011, with the company expecting revenue during the second quarter of 2011. Oil production is from the Caddo formation.
The agreement also includes a working interest of no less than 1.5 percent in a sixty-four (64) square mile (40,966 acres) 3-D seismic imaging supported development area. The well operator, C.O. Energy, envisions drilling one to two wells per month until the targeted area is fully developed. Victory Energy maintains a thirty (30) day first right of refusal to participate in each development well.
Aurora Energy Partners is a Texas general partnership that includes Victory Energy Corporation, James Capital Energy, LLC, and James Capital Consulting, LLC. Victory Energy Corporation serves as managing partner of Aurora Energy Partners.
Robert Miranda, Victory Energy's chairman and interim CEO, stated, "This multi-year development opportunity fits nicely with our strategy to acquire small yet high impact interests in low risk, rapid return of capital opportunities, and represents a positive step toward our goal of getting Victory Energy cash flow positive as soon as possible. It also denotes the strength of the oil and gas industry relationships that our new board members and management team bring to the table."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
714.480.0305
Investor Relations
714.227.0391
Tuesday February 22, 2011 - 10:30 AM EST
Marketwire News Releases
Released By Victory Energy Corporation
Share:
Bookmark and Share
Text Size:
NEWPORT BEACH, CA -- (Marketwire) -- 02/22/11 -- Victory Energy Corporation (PINKSHEETS: VYEY)
* First Well Completed and on Production
* Current Production at 300 BOPD and 100 MCF of Natural Gas per Day
* Entire Development Area Supported by 3-D Seismic Imaging
* Multi-year Drilling Program Planned
Victory Energy Corporation (PINKSHEETS: VYEY), through its affiliate, Aurora Energy Partners, is pleased to announce that it has entered into an agreement with C.O. Energy, LLC and Marshall R. Young Oil Co. to acquire a 2.5 percent working interest in the Young No. 1 well located in Jones County, Texas. This "Glen Thomas" wildcat well was completed and tested January 14, 2011. The well is now on production at a rate of 300 barrels of oil per day (BOPD) and 100 MCF of natural gas per day.
Interest assignment of this production is effective February 1, 2011, with the company expecting revenue during the second quarter of 2011. Oil production is from the Caddo formation.
The agreement also includes a working interest of no less than 1.5 percent in a sixty-four (64) square mile (40,966 acres) 3-D seismic imaging supported development area. The well operator, C.O. Energy, envisions drilling one to two wells per month until the targeted area is fully developed. Victory Energy maintains a thirty (30) day first right of refusal to participate in each development well.
Aurora Energy Partners is a Texas general partnership that includes Victory Energy Corporation, James Capital Energy, LLC, and James Capital Consulting, LLC. Victory Energy Corporation serves as managing partner of Aurora Energy Partners.
Robert Miranda, Victory Energy's chairman and interim CEO, stated, "This multi-year development opportunity fits nicely with our strategy to acquire small yet high impact interests in low risk, rapid return of capital opportunities, and represents a positive step toward our goal of getting Victory Energy cash flow positive as soon as possible. It also denotes the strength of the oil and gas industry relationships that our new board members and management team bring to the table."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
For more information, please visit our website www.victoryenergyoilandgas.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
CONTACT:
Robert J. Miranda
Chairman and Interim Chief Executive Officer
714.480.0305
Investor Relations
714.227.0391
klettert diese aktie wieder anch ein paar monaten durststrecke, hier der chart
aktie in deutschland über berlin und frankfurt im handel, mit (noch) dünnem volumen:
Victory Energy Announces Successful Completion of Tunis Creek Well
Oil Reserve Estimates Exceed Expectations; Second Well Location Being Evaluated
Jun. 29, 2011 (Marketwire) --
NEWPORT BEACH, CA -- (Marketwire) -- 06/29/11 -- Victory Energy Corporation (PINKSHEETS: VYEY), through its partnership with Aurora Energy Partners, today announced the successful completion of its Tunis Creek Oil and Gas Prospect in Pecos County, Texas. The University "6" #1 Tunis Creek well was spud on April 22, 2011 and was completed in the Ellenburger formation on Friday, June 24, 2011.
Very preliminary testing of the Ellenburger formation indicates that oil reserves could exceed earlier estimates. Pre-drilling internal total prospect reserve estimates exceeded 500,000 barrels. These preliminary flow tests on the University "6" #1 Tunis Creek well were performed using its natural bottom-hole pressure and was limited to the lower 20 percent of the Ellenburger formation in the wellbore. Sustained flow tests to evaluate bottom-hole pressure and to develop optimal flow rates for this well should occur over the next thirty days. Storage tanks are scheduled to be installed this week with oil sales to market occurring shortly thereafter. Associated natural gas testing has not yet occurred. A natural gas delivery pipeline is nearby.
Based on the positive results of this first well and the previously identified multiple oil and gas pay zones above this producing formation, the company will immediately begin evaluating locations for a second well on the acreage. Several additional development wells may be drilled if production warrants. Field rules established by the State of Texas will determine the exact number of wells.
Robert Miranda, Victory Energy's chairman and CEO, stated, "These preliminary completion results are outstanding and offer the first sizable validation of our ability to use our extensive network of oil and gas contacts to deliver immediate value to our shareholders. Wells of this quality and with reserves of this size are not typically available to micro-cap companies like Victory Energy. The additional development drilling opportunities available on the Tunis acreage could afford us at least two additional years of drilling at this location."
Victory Energy, through its partnership with Aurora Energy Partners, holds a 5 percent working interest and a 3.75 percent net revenue interest in this oil focused prospect.
About the Tunis Creek Prospect
The company acquired its interest in the prospect from well-known Midland, Texas based V-F Petroleum Inc., who is also the operator of the well. The University "6" #1 Tunis Creek well is located twenty-five miles due east of Fort Stockton, Texas, in eastern Pecos County, and is surrounded by significant hydrocarbon shows in all targeted horizons.
Just over two thirds of a mile to the east-northeast in the same section, Midwest Oil opened the one-well Renaud & Tunstill field. That Midwest Oil well (1 University) is down dip of the Tunis Creek well and was completed in 1960. The 1 University well flowed 248 barrels of 43-degree oil per day from the Ellenburger formation at 6,810-95 feet and 1.65 million cubic feet of casinghead gas.
The prospect area is within the Central Basin Platform of the prolific Permian Basin and is located up dip of a previously producing oil and gas well. Hydrocarbon delivery infrastructure is nearby, including a natural gas pipeline. The 1,600 acre lease comprises two sections of block 20, University Lands survey.
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company endeavors to utilize its broad range of oil and gas industry relationships to acquire small interests in a large volume of low- to moderate-risk oil and gas prospects. A cornerstone of this strategy is an emphasis on developing and maintaining relationships with proven, well established oil and gas exploration and development companies.
Prospect acquisitions are ideally weighted toward oil, although natural gas projects with high btu content, favorable above-market pricing and modest decline rates will also be targeted. Targeted prospects generally provide the company with a rapid return of capital while offering multiple well locations for additional drilling on an established trend. The model asset portfolio is geologically and geographically diversified. The company's current producing oil and gas assets are located in the United States.
For more information, please visit our website www.vyey.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
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CONTACT:
Robert J. Miranda
Chairman and Chief Executive Officer
714.480.0305
Investor Relations
714.227.0391
Source: Marketwire (June 29, 2011 - 10:00 AM EDT)
News by QuoteMedia
Victory Energy Announces Successful Completion of Tunis Creek Well
Oil Reserve Estimates Exceed Expectations; Second Well Location Being Evaluated
Jun. 29, 2011 (Marketwire) --
NEWPORT BEACH, CA -- (Marketwire) -- 06/29/11 -- Victory Energy Corporation (PINKSHEETS: VYEY), through its partnership with Aurora Energy Partners, today announced the successful completion of its Tunis Creek Oil and Gas Prospect in Pecos County, Texas. The University "6" #1 Tunis Creek well was spud on April 22, 2011 and was completed in the Ellenburger formation on Friday, June 24, 2011.
Very preliminary testing of the Ellenburger formation indicates that oil reserves could exceed earlier estimates. Pre-drilling internal total prospect reserve estimates exceeded 500,000 barrels. These preliminary flow tests on the University "6" #1 Tunis Creek well were performed using its natural bottom-hole pressure and was limited to the lower 20 percent of the Ellenburger formation in the wellbore. Sustained flow tests to evaluate bottom-hole pressure and to develop optimal flow rates for this well should occur over the next thirty days. Storage tanks are scheduled to be installed this week with oil sales to market occurring shortly thereafter. Associated natural gas testing has not yet occurred. A natural gas delivery pipeline is nearby.
Based on the positive results of this first well and the previously identified multiple oil and gas pay zones above this producing formation, the company will immediately begin evaluating locations for a second well on the acreage. Several additional development wells may be drilled if production warrants. Field rules established by the State of Texas will determine the exact number of wells.
Robert Miranda, Victory Energy's chairman and CEO, stated, "These preliminary completion results are outstanding and offer the first sizable validation of our ability to use our extensive network of oil and gas contacts to deliver immediate value to our shareholders. Wells of this quality and with reserves of this size are not typically available to micro-cap companies like Victory Energy. The additional development drilling opportunities available on the Tunis acreage could afford us at least two additional years of drilling at this location."
Victory Energy, through its partnership with Aurora Energy Partners, holds a 5 percent working interest and a 3.75 percent net revenue interest in this oil focused prospect.
About the Tunis Creek Prospect
The company acquired its interest in the prospect from well-known Midland, Texas based V-F Petroleum Inc., who is also the operator of the well. The University "6" #1 Tunis Creek well is located twenty-five miles due east of Fort Stockton, Texas, in eastern Pecos County, and is surrounded by significant hydrocarbon shows in all targeted horizons.
Just over two thirds of a mile to the east-northeast in the same section, Midwest Oil opened the one-well Renaud & Tunstill field. That Midwest Oil well (1 University) is down dip of the Tunis Creek well and was completed in 1960. The 1 University well flowed 248 barrels of 43-degree oil per day from the Ellenburger formation at 6,810-95 feet and 1.65 million cubic feet of casinghead gas.
The prospect area is within the Central Basin Platform of the prolific Permian Basin and is located up dip of a previously producing oil and gas well. Hydrocarbon delivery infrastructure is nearby, including a natural gas pipeline. The 1,600 acre lease comprises two sections of block 20, University Lands survey.
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company endeavors to utilize its broad range of oil and gas industry relationships to acquire small interests in a large volume of low- to moderate-risk oil and gas prospects. A cornerstone of this strategy is an emphasis on developing and maintaining relationships with proven, well established oil and gas exploration and development companies.
Prospect acquisitions are ideally weighted toward oil, although natural gas projects with high btu content, favorable above-market pricing and modest decline rates will also be targeted. Targeted prospects generally provide the company with a rapid return of capital while offering multiple well locations for additional drilling on an established trend. The model asset portfolio is geologically and geographically diversified. The company's current producing oil and gas assets are located in the United States.
For more information, please visit our website www.vyey.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
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CONTACT:
Robert J. Miranda
Chairman and Chief Executive Officer
714.480.0305
Investor Relations
714.227.0391
Source: Marketwire (June 29, 2011 - 10:00 AM EDT)
News by QuoteMedia
Victory Energy Provides Operational Update
NEWPORT BEACH, Calif., July 11, 2011 /PRNewswire via COMTEX/ -- Victory Energy Corporation (OTCQB: VYEY), through its partnership with Aurora Energy Partners, is pleased to provide an update for the Company's exploration and development projects.
The Tunis Creek Oil and Gas Well - The oil storage tank battery was completed on July 6, 2011. The well was re-opened and began flowing to a six hundred barrel oil storage facility and a natural gas separator. The well is currently producing oil and gas naturally from the Ellenberger formation and during the well testing period is being evaluated for optimal daily flow. This 1,600 acre multi-well prospect is oil and gas focused. The first well (University "6" #1) was completed on June 24, 2011. Preliminary estimated recoverable reserves exceed 500,000 barrels of oil and an undetermined volume of natural gas. The well is located in Pecos County, Texas. The company owns a 5 percent working interest and a 3.75 percent net revenue interest.
The Jones County Oil Play - A fifth well (Olson #1) was spud on July 2nd and is currently drilling ahead to a target depth of 5,325 feet. A sixth well is scheduled to be spud upon completion of the Olson #1. The company hopes to participate in approximately two wells per month in the prospect area with each well targeting between 20,000 and 45,000 barrels of recoverable oil. Four wells have been drilled to date of which two wells were successful and are currently on production. Located in Jones County, Texas, this oil focused continuous drilling project is supported by 82 square miles of 3-D seismic imaging. The company holds a working interest of no less than 1.5 percent and up to 2.5 percent for each acreage block acquired.
The Alwan West Gas Prospect - The spud schedule has been moved up from the end of the month and is now expected to occur this week. The location contractor is now building the road, digging the pits and installing the pad. Drilling time is anticipated to be less than 15 days. The prospect well has a target depth of 7,100 feet with target formations consisting of the Frio and Yegua. Potential recoverable natural gas reserves are 8.75 billion cubic feet (BCF). Natural gas delivery pipelines are already in place. This well is located in Wharton County, Texas. The company owns a 5 percent working interest and a 3.8 percent net revenue interest.
The Atwood Secondary Oil Recovery Project - This oil focused waterflood project covers over 1,200 acres with 31 wells. Primary production was approximately 527,000 barrels of oil. Utilizing a waterflood, the company hopes to recover between 500,000-1,000,000 barrels of oil. Development work has now begun on the waterflood and is anticipated to conclude in the fourth quarter of this calendar year. Peak production is targeted within a year to 18 months from initial injection. The project is located in Hughes County, Oklahoma. The company owns a 2 percent working interest and a 1.58 percent net revenue interest in this project.
Further detail for each of these projects can be found on the company website at www.vyey.com. Victory Energy intends to provide periodic updates to the investment community as progress is made across its asset base.
NEWPORT BEACH, Calif., July 11, 2011 /PRNewswire via COMTEX/ -- Victory Energy Corporation (OTCQB: VYEY), through its partnership with Aurora Energy Partners, is pleased to provide an update for the Company's exploration and development projects.
The Tunis Creek Oil and Gas Well - The oil storage tank battery was completed on July 6, 2011. The well was re-opened and began flowing to a six hundred barrel oil storage facility and a natural gas separator. The well is currently producing oil and gas naturally from the Ellenberger formation and during the well testing period is being evaluated for optimal daily flow. This 1,600 acre multi-well prospect is oil and gas focused. The first well (University "6" #1) was completed on June 24, 2011. Preliminary estimated recoverable reserves exceed 500,000 barrels of oil and an undetermined volume of natural gas. The well is located in Pecos County, Texas. The company owns a 5 percent working interest and a 3.75 percent net revenue interest.
The Jones County Oil Play - A fifth well (Olson #1) was spud on July 2nd and is currently drilling ahead to a target depth of 5,325 feet. A sixth well is scheduled to be spud upon completion of the Olson #1. The company hopes to participate in approximately two wells per month in the prospect area with each well targeting between 20,000 and 45,000 barrels of recoverable oil. Four wells have been drilled to date of which two wells were successful and are currently on production. Located in Jones County, Texas, this oil focused continuous drilling project is supported by 82 square miles of 3-D seismic imaging. The company holds a working interest of no less than 1.5 percent and up to 2.5 percent for each acreage block acquired.
The Alwan West Gas Prospect - The spud schedule has been moved up from the end of the month and is now expected to occur this week. The location contractor is now building the road, digging the pits and installing the pad. Drilling time is anticipated to be less than 15 days. The prospect well has a target depth of 7,100 feet with target formations consisting of the Frio and Yegua. Potential recoverable natural gas reserves are 8.75 billion cubic feet (BCF). Natural gas delivery pipelines are already in place. This well is located in Wharton County, Texas. The company owns a 5 percent working interest and a 3.8 percent net revenue interest.
The Atwood Secondary Oil Recovery Project - This oil focused waterflood project covers over 1,200 acres with 31 wells. Primary production was approximately 527,000 barrels of oil. Utilizing a waterflood, the company hopes to recover between 500,000-1,000,000 barrels of oil. Development work has now begun on the waterflood and is anticipated to conclude in the fourth quarter of this calendar year. Peak production is targeted within a year to 18 months from initial injection. The project is located in Hughes County, Oklahoma. The company owns a 2 percent working interest and a 1.58 percent net revenue interest in this project.
Further detail for each of these projects can be found on the company website at www.vyey.com. Victory Energy intends to provide periodic updates to the investment community as progress is made across its asset base.
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