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Victory Energy Ups Oil Production 87% to 12,152 Bbls
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Victory Energy Corporation announced operating results for the twelve months ended December 31, 2015.
Fiscal 2015 Highlights: Received investment capital of $2.9 million from partner Navitus Energy Group (NEG) in fiscal 2015. Added working interest in five South Texas Eagle Ford oil wells as part of the settlement agreement associated with the terminated Lucas Energy merger. Increased total oil production 87% to 12,152 (Bbl) from 6,509 (Bbl) in fiscal 2014. Increased Barrels of oil equivalent 31% to 50 BOE/d (66% oil) from 39 BOE/d in fiscal 2014. Decreased production costs 28% per BOE prices in fiscal 2015. At December 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…
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