Victory Energy Corporation Provides Update on Fairway Acquisition
17 Juin 2014 - 2:00PM
Marketwired
Victory Energy Corporation Provides Update on Fairway Acquisition
Expected Closing Date June 30, 2014
AUSTIN, TX--(Marketwired -
June 17, 2014) - Victory Energy
Corporation (OTCQX: VYEY)
("Victory" or "the Company"), a rapidly growing, Permian Basin
focused oil and gas company, today provided an update to the
previously announced purchase of a 10% non-operated Working
Interest ownership of "The Fairway Prospect" from a wholly-owned
subsidiary of Target Energy Limited (ASX:
TEX) (OTCQX: TEXQY) for
A$6.5 million (US$6.0 million) by Aurora Energy Partners, a
consolidated subsidiary of Victory in which Victory is the
controlling member. The Company expects that the acquisition will
close on June 30, 2014. The original estimated closing date
for the transaction was June 5, 2014 and was postponed due to open
items required for the purchase and sale agreement. The
company anticipates no other delays.
About Victory Energy
Victory Energy Corporation (OTCQX:
VYEY) is a public held, independent growth-oriented oil
and gas exploration and production company based in Austin, Texas,
with additional resources located in Midland, Texas. Victory
currently holds interests in high profile targets such as the
Wolfcamp, Mississippian and Fusselman plays in the Permian Basin.
Victory is the managing partner of Aurora Energy Partners, a Texas
General Partnership (Aurora). Victory holds a 50% partnership
interest in Aurora which is a consolidated subsidiary of Victory.
Victory utilizes sustainable low-risk vertical well development on
existing properties and new acquisitions which offer repeatable and
highly profitable results; and 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, 2013 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.
Investor Relations Contact: Derek GradwellMZ GroupSVP Natural
ResourcesPhone: 512-270-6990Email: dgradwell@mzgroup.us Web:
www.mzgroup.us
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