Victory Energy Corporation (OTCQX: VYEY), is a public held, growth-oriented oil and gas exploration and production company based in Austin, Texas, with additional resources located in Midland, Texas. The company is focused on the acquisition and development of stacked multi-pay resource play opportunities in the Permian Basin that offer predictable outcomes and long-lived reserve characteristics. The company presently utilizes low-risk vertical well development, which offers repeatable and profitable outcomes. Current Company assets include interest in proven formations such as the Spraberry, Wolfcamp, Wolfberry, Mississippian, Cline and Fusselman formations. SNNLive spoke with Kenneth Hill, CEO and Director of Victory Energy Corp. at the LD Micro "Main Event" 2014 in Bel Air, CA.
Mr. Hill begins with an overview of the company, “Victory Energy Corporation is an all-end gas exploration company. We’re based in the Permian Basin, exclusively I might add. The Permian offers a tremendous amount of opportunity for us in multiple costs levels, which allows us to be flexible when oil prices go up and down. We’re a non-operator, although we will be adding operating capacity in early Q1 and plan to begin to take our own properties and drill them up and manage them ourselves."
“We also drill vertical wells exclusively right now Shelly, that allows us to stay in a safe place for you know, initial production rates and long-term production for the life of the company,” he continues.
He discusses how the company will grow, “Growth happens in a couple of areas, it happens on the revenue side, which is obvious and that comes by increasing your drilling programs and making sure that the revenue that’s coming out of the ground is at a pace to pay back the drilling costs in a very quick fashion, 12 to 24 months. Some areas can do that, some areas can’t do that, the Permian is known for doing it. On the BOE equivalent side, that basically is a barrel of oil equivalent and it’s specific to reserve evaluation. So if you’re looking at how to grow the share price, most people look at the reserves and they look at the cash flow second. You also grow it, the share price, by making sure that the debt is managed at the right level so that the debt never gets in front of your drilling program.”
He concludes with what to look forward to in 2015, “Near term in 2015, we’re going to more than triple the size of the company based on current assets that we’re planning to acquire. We believe that with the commodity price drop, companies that are larger than us that have a significant amount of debt on their books will be forced to sell some of their assets at the lower prices that gives us an opportunity to come in and pick up assets, not necessarily distressed assets, but assets they need to use to create cash flow.” For more information, check out their website: www.VYEY.com
Since speaking with Victory Energy, the company has made the following announcements:
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