2013-10-21 23:33:19 -
Begins Search for a Chairman
Austin, TX US, October 21, 2013 /FSC/ - Victory Energy Corporation (VYEY - OTCQB),(Victory Energy), an independent, growth-oriented oil and gas company, today announced the election of Patrick Barry to serve on the company's board of directors, together with the company's existing directors, Dr. Ronald Zamber, David McCall, Robert Grenley and Kenny Hill. Barry was also elected to serve as chair of the audit committee.
"Patrick has been working with us as a consultant for almost two years. He has extensive knowledge of our business operations and maintains a great relationship with our executive team. During that time, we have spent a considerable amount of energy rebuilding our financial business processes, accounting back-office support and our
reporting capabilities in Austin, Texas. Patrick's appointment to chairman of the audit committee is very timely. The imminent release of the company's re-stated and consolidated historical financials and this appointment, mark a turning point for our ability to deliver accounting transparency and timely filings. We look forward to working with Patrick as we take the company to the next level," said Kenny Hill, Victory Energy CEO.
During the meeting, the board elected Dr. Ronald Zamber to the position of interim board chair, until a full-time board chair is selected. The board has formed a chairman search committee and has begun the important task of finding a qualified executive with significant oil and gas business experience. These elections follow the recent resignation of Robert Miranda from the company's board of directors.
About Patrick Barry:
Prior to joining the Board of Directors, Mr. Barry served as a financial and operations consultant for Victory Energy Corporation. He is an experienced general manager with strengths in financial management, profitability improvement, strategy development and implementing disciplined operating processes in both public and private companies.
He has a B.Sc. in Mechanical Engineering from the University of Notre Dame and an MBA in Finance from Wharton. Patrick is a principal in Visionary Private Equity, a major investor in Victory Energy.
He is a former Managing Director of the Gigot Center for Entrepreneurial Studies ( business.nd.edu/gigot_center/
) at the University of Notre Dame where he was also an Adjunct Professor. Prior to Notre Dame, he spent eight years turning around Quality Dining, Inc. ( www.qdi.com/
), a publicly held restaurant company headquartered in South Bend, IN. Patrick was a consultant with Andersen Consulting in their Strategic Service Group, focusing in strategy development and general management consulting.
Patrick's extensive practical business experiences coupled with his impressive education credentials in the fields of engineering and finance make him a significant and timely addition to the company.
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) is an independent, growth oriented oil and gas company engaged in the acquisition, exploration and production of oil and natural gas properties through its partnership with Aurora Energy Partners. The Company's objective is to create long-term shareholder value by increasing oil reserves, improving financial returns (higher production volumes and lower costs), and managing the capital on its balance sheet.
Victory is geographically focused onshore, with a primary focus in the Permian Basin of Texas and southeast New Mexico. The Company leverages both internal capabilities and strategic industry relationships to acquire working interest positions in low-to-moderate risk oil and gas prospects.
Its focus is primarily 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).
Download the Investor Fact Sheet for current summary of projects and activity. The Company is traded under the ticker symbol VYEY on the OTCQB tier, 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 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.
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Source: Victory Energy Corporation (OTCQB: VYEY) roepkepr.com
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