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Victory Energy Details 1Q16 Financial Results
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Victory Energy Corporation announced operating results for the three months ended March 31, 2016.
First Quarter Highlights: Received investment capital of $302,000 from Aurora partner Navitus Energy Group (NEG) during the three months ended March 31, 2016. Increased total oil and gas production by 8% to 3,237 BOE compared to the fourth quarter of 2015. Decreased production costs by more than 20% per BOE compared to the fourth quarter of 2015. At March 31, 2015, the Company held a working interest in 37 gross wells located in the states of Texas and New Mexico.Kenny Hill, Chief Executive Officer of Victory Energy, said: "Given a full twelve months of depressed commodity prices, I remain very proud of our team for achieving even modest growth in oil production while recording a decrease…
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