Finance & Investing | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Deals - Acquisition, Mergers, Divestitures | Production Rates | Capital Markets
Victory Energy Corporation Cancels Merger with Lucas
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Victory Energy Corporation has announced operating results for the three months ended September 30, 2015.
2015 Third Quarter Highlights Total oil production increased 61% to 2,940(Bbl) from 1,830(Bbl) in the third quarter of 2014. Daily barrels of oil equivalent increased 25% to 50 BOE/d (65% oil) from 40 BOE/d in the third quarter of 2014. Lease operating expenses (LOE) decreased by 12%. At September 30, 2015, the Company held a working interest in 29 gross wells located in the states of Texas and New Mexico. Engaged MLV & Co. LLC to act as financial advisor with respect to the proposed $75 million credit facility, with initial availability based on agreed acquisitions. Terminated merger with Lucas Energy and entered settlement agreement providing Victory with working interest in five…Finish this article — free account or subscription
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