Victory Energy Acquires Additional Gas Production
Victory Energy Corporation (OTCBB: VYEY) announced today it has acquired the remaining 50% ownership in three (3) term assignments containing three (3) producing Canyon Sandstone gas wells located in Victory’s Canyon Sandstone Gas play in the Texas Permian Basin.
The Corporation has finalized the purchase of the remaining ownership interest in the Adams 127-11, Adams 127-12, and the Adams 127-13 gas wells located in Crockett County, Texas.
Funds for the transaction were provided by a private institutional investment group in exchange for a portion of Victory’s interest ownership in each term assignment. Currently Victory maintains 15% of the interest ownership until such time the revenues have paid back the original investment, then Victory’s interest ownership will increase to 25%.
“The initial ownership interest in these three (3) gas wells was completed at the beginning of this year when the Corporation purchased 50% ownership in six (6) Canyon Sandstone gas wells. We will finalize the purchase of ownership in the remaining three (3) gas wells over the course of the next four months,” stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.
Certain statements contained herein are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company’s filings may be accessed at the SEC’s EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.
For information, contact: Corporate Communications 1-702-989-9735
SOURCE: Victory Energy Corporation