Victory Energy Corporation (PINKSHEETS: VYEY), an oil and gas
exploration and development company, today announced that it has
filed its 2010 Annual Report on Form 10-K with the Securities and
Exchange Commission (SEC). Included in this 10-K filing are audited
financial statements for the 2010 fiscal year. The Company also
filed its quarterly Forms 10-Q for the periods ended March 31,
2010; June 30, 2010; and September 30, 2010. In addition, the
Company filed an extension request with the SEC, requesting until
May 23, 2011 to file its quarterly Form 10-Q for the period ended
March 31, 2011.
In summary, the Company reported these results for the years
ended December 31, 2010 and 2009:
Years Ended December 31:
--------------------------
2010 2009
------------ ------------
Revenues $ 491,558 $ 512,607
Costs and expenses 872,224 847,635
Interest expense 52,047 50,111
------------ ------------
Net Loss $ (432,713) $ (385,139)
============ ============
Weighted average shares, basic and diluted 136,719,608 136,719,608
============ ============
Net loss per share, basic and diluted $ (0.00) $ (0.00)
============ ============
Cash and cash equivalents, total current assets, total assets,
total current liabilities, and total liabilities as of December 31,
2010 as compared to December 31, 2009, are as follows:
December 31:
-----------------------
2010 2009
----------- -----------
Cash $ 111,572 $ 22,076
Total current assets 211,298 169,213
Total assets 763,033 989,600
Total current liabilities 631,195 1,259,510
Total liabilities 785,815 1,294,487
At December 31, 2010, the Company had a working capital deficit
of $419.9 thousand, compared to a working capital deficit of $1.1
million at December 31, 2009. Current liabilities decreased to
$631.2 thousand at December 31, 2010 from $1.3 million at December
31, 2009, primarily due to a decrease of $404.6 thousand in amounts
due to a former officer of the Company and the conversion of $497.0
thousand in notes payable and $55.3 thousand accrued interest, all
due to a related party, into a senior convertible debenture.
The Company reported that as of May 16, 2011, it has raised a
total of $2.1 million of funds from a private placement memorandum
of 10% senior secured convertible debentures. The Company also
reported that it has invested in new oil & gas projects
including an option on a major gas project on South Padre Island,
Texas; an oil exploration project in Jones County, Texas; oil and
gas well interests in Pecos County, Texas; and a natural gas well
interest in Wharton County, Texas.
Robert J. Miranda, Victory Energy's chairman, chief executive
officer and chief financial officer, stated, "The process of
preparing the delinquent SEC filings for 2010 was a long and
complex undertaking. We worked closely with our board of directors,
legal counsel, independent public accounting firm, and with the
Securities and Exchange Commission to bring our financial reporting
into compliance through 2010. We remain focused on completing the
many tasks at hand, including the preparation of the quarterly Form
10-Q for the quarter ended March 31, 2011, and the continuing
process of exploration and development of the various oil and gas
properties in which we have invested." Miranda continued, "Now that
the financial controls and SEC reporting is up to date, moving the
Company forward from an operations perspective will be our focus as
our new management team is making excellent progress getting
Victory Energy back on track as an efficient and profitable oil and
gas exploration and production company."
About Victory Energy Corporation
Victory Energy Corporation is engaged in the exploration,
acquisition, development, and exploitation of oil and gas
properties. The company endeavors to utilize its broad range of oil
and gas industry relationships to acquire small interests in a
large volume of low- to moderate-risk oil and gas prospects. A
cornerstone of this strategy is an emphasis on developing and
maintaining relationships with proven, well established oil and gas
exploration and development companies.
Prospect acquisitions are ideally weighted toward oil, although
natural gas projects with high BTU content, favorable above market
pricing and modest decline rates will also be targeted. Targeted
prospects generally provide the company with a rapid return of
capital while offering multiple well locations for additional
drilling on an established trend. The model asset portfolio is
geologically and geographically diversified. The company's current
producing oil and gas assets are located in the United States.
For more information, please visit our website
http://www.vyey.com
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news
release. They use such words as "intend," "will," "may," "expect,"
"believe," "plan," or other similar terminology. These statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results to be materially different than
those expressed or implied in such statements. These factors
include, but are not limited to: risks associated with the
implementation of the Company's strategic growth plan; legislation
and government regulation including the ability to obtain
satisfactory regulatory approvals; conditions beyond the Company's
control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting the Company's customer base or
acts of war or terrorism; availability and cost of materials and
labor; demand for natural gas; cost and availability of capital;
competition; the Company's overall marketing, operational and
financial performance; economic and political conditions; the
continued service of the Company's executive officer; adverse
developments in and increased or unforeseen legal costs related to
the Company's litigation; the success of the Company's strategic
partnerships and joint venture relationships; the Company's ability
to pay certain debts; adoption of new, or changes in, accounting
policies and practices; adverse court rulings; results of other
litigation in which the Company is involved; and other factors
discussed from time to time in the Company's news releases, public
statements and/or filings with the Securities and Exchange
Commission. Forward-looking information is provided by Victory
Energy Corporation pursuant to the safe harbor established under
the Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of these factors. In addition, the Company
disclaims any intent or obligation to update these forward-looking
statements.
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CONTACT: Robert J. Miranda Chairman and Chief Executive Officer
714.480.0305 Investor Relations 714.227.0391
Victory Oilfield Tech (PK) (USOTC:VYEY)
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