Victory Energy Engages Weaver as Auditoradmin
Victory Energy Engages Weaver as Auditor
Victory on Track to Complete the Year as a Current Filer
Austin, TX US, November 26, 2013 /FSC/ – Victory Energy Corporation (VYEY – OTCQB),(Victory Energy), an independent, growth-oriented oil and gas company, today announced it has engaged Weaver and Tidwell, L.L.P. (Weaver) to audit the financial statements of Victory Energy and its annual 10-K report for the 2013 reporting period. In addition to the annual audit, Weaver will also perform reviews of the Company’s unaudited quarterly financial information for each of the three quarters and the related 2013 year-to-date periods, which are to be included in the quarterly reports (Form 10-Q) to be filed. Weaver, the largest independent accounting firm in the Southwest, is a registered public accounting firm with the Public Company Accounting Oversight Board (PCAOB) and services clients across the United States. Upon completion of the three 2013 quarterly reports, the Company will be current and will be allowed to file its annual 10-K report in a timely manner.
“Our recent announcement that Victory has doubled its reserves since the end of 2012 and expects to continue on this impressive trend has set the tone for the quality of management and execution that we expect of our team going forward. Weaver is not only the largest independent accounting firm in the Southwest, they are also providing their services to other oil and gas companies that we view as the top of their class. Weaver’s Texas roots and their extensive knowledge and relationships in the oil and gas industry make them an ideal firm to serve as our auditor of record as we enter the next phase of growth here at Victory,” said Kenny Hill, CEO of Victory Energy.
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Please note that Victory Energy intends to use its website, www.vyey.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Victory Energy website in the “Investor Relations” section. Accordingly, investors should monitor such portions of the Victory Energy website in addition to following press releases, SEC filings and public conference calls and webcasts.
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ABOUT VICTORY ENERGY CORPORATION
Victory Energy Corporation (OTCQB: VYEY(http://www.otcmarkets.com/stock/VYEY/quote)) is an independent, growth-oriented oil and gas company focused on growing proved reserves and cash-flow via the continued development of existing properties and the acquisition of new resource properties. The Company will source new capital to facilitate this growth by continuing to utilize an established pipeline of investors available through Aurora Energy Partners and additional third-party sources.
The Company is committed to creating long-term shareholder value by increasing oil reserves, lowering costs, boosting production volumes, and prudently managing the capital on its balance sheet. The Company is geographically focused onshore, with a primary emphasis on the Permian Basin of Texas and Southeast New Mexico.
Victory utilizes both internal capabilities and strategic industry relationships to acquire non-operated working interest positions in low-to-moderate risk oil and gas prospects. Its focus is on oil or liquid-rich gas projects within longer-life reservoirs that offer competitive finding and development (F&D) costs per barrel of oil equivalent (BOE).
Victory Energy is a SEC reporting company. The Company is traded under the ticker symbol VYEY(http://www.otcmarkets.com/stock/VYEY/quote) on the OTCQB tier(http://www.otcmarkets.com/marketplaces/otcqb), operated by OTC Markets Group.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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, 2011 [AF1]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.
To view the press release as a PDF file, please click on the following link:
Source: Victory Energy Corporation (OTCQB: VYEY) http://roepkepr.com
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Posted: November 26th, 2013 under FSCWIRE.