Aurora Energy Partners, a consolidated subsidiary of Victory Energy Corporation, has completed the acquisition of a 10% stake in the proved and producing Permian Basin Fairway Project from Target Energy Corporation (Seller) for total cash consideration of $5.8 million.
"We are extremely pleased to acquire a 10% interest in such a high quality producing asset," stated Kenny Hill, CEO of Victory Energy Corporation. "This acquisition adds approximately 64 BOE per day to our interest and provides approximately 40 additional drilling locations for future development. Since the May 1st effective date, three additional wells have begun and are in various stages of completion. In addition, at least three more wells are on the drilling schedule for the August through September timeframe. Together, these six 2014 well additions should more than double the 64 BOE of current daily production to our interest."