Victory Energy Corp. (OTC: VYEY) obtained $36.4 million in bank and private placements funds through its interest in Aurora Energy Partners LLC, the company said Feb. 25.
Victory Energy, as Aurora’s controlling manager, will utilize a $26.4 million credit facility from Dallas-based Texas Capital Bank, the company said. Additional capital, of up to $10 million, will come from San-Jose, Calif.-based Navitus Energy Group, the company said. Navitus is Victory’s partner in Aurora, the company added.
The funding round multiplies, by seven times, the company’s $5 million market value, Victory Energy noted.
Victory Energy will grow the company through acquisitions and property development, the company said, noting that Kenny Hill, CEO of Victory Energy emphasized that Texas Permian Basin assets will be focused on.
Victory Energy, based in Austin, Texas, is an oil and natural gas E&P company.
Aurora Energy Partners is based in West Lake Hills, Texas.
Recommended Reading
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.