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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Victory Oilfield Tech Inc (PK) | USOTC:VYEY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.61 | 0.45 | 0.61 | 0.00 | 13:13:59 |
☒
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
|
VICTORY ENERGY CORPORATION
|
(Exact Name of Company as Specified in its Charter)
|
Nevada
|
|
87-0564472
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
3355 Bee Caves Road Ste 608, Austin, Texas
|
|
78746
|
(Address of principal executive offices)
|
|
(Zip Code)
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Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☒
|
(Do not check if a smaller reporting company)
|
|
|
|
|
Page
|
|
|
|
Part I – Financial Information
|
|
|
|
|
|
Item 1.
|
Financial Statements
|
|
|
Condensed Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015
|
|
|
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 (unaudited)
|
|
|
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016, and 2015 (unaudited)
|
|
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Notes to the Condensed Consolidated Financial Statements
|
|
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Qualitative and Quantitative Discussions About Market Risk
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Item 4.
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Controls and Procedures
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|
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Part II – Other Information
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|
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 3.
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Default Upon Senior Securities
|
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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|
Item 6.
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Exhibits
|
|
|
|
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Signature
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•
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continued operating losses;
|
•
|
our ability to continue as a going concern;
|
•
|
our dependence on external sources of financing to operate our business and meet our debt service obligations;
|
•
|
difficulties in raising additional capital;
|
•
|
our inability to pay our accounts payable or our expenses as they arise;
|
•
|
our inability to meet the required financial covenants of our lender;
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•
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our inability to pay a preferred return to The Navitus Energy Group for new capital contributions to Aurora Energy Partners;
|
•
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challenges in growing our business;
|
•
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designation of our common stock as a “penny stock” under Securities and Exchange Commission, which we refer to as the SEC, regulations;
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•
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FINRA requirements that may limit the ability to buy and sell our common stock;
|
•
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illiquidity and price volatility of our common stock;
|
•
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the highly speculative nature of an investment in our common stock;
|
•
|
climate change and greenhouse gas regulations;
|
•
|
global economic conditions;
|
•
|
the substantial amount of capital required by our operations;
|
•
|
the volatility of oil and natural gas prices;
|
•
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the high level of risk associated with drilling for and producing oil and natural gas;
|
•
|
assumptions associated with reserve estimates;
|
•
|
the potential that drilling activities will not yield oil or natural gas in commercial quantities;
|
•
|
potential exploration, production and acquisitions may not maintain revenue levels in the future;
|
•
|
our acquisition of additional oil and natural gas assets in the Permian Basin and other future acquisitions may yield revenues or production that differ significantly from our projections;
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•
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we may expend significant resources on potential acquisitions or other projects that fail to consummate;
|
•
|
difficulties associated with managing a small and growing enterprise;
|
•
|
strong competition from other oil and natural gas companies;
|
•
|
the unavailability or high cost of drilling rigs and related equipment;
|
•
|
our inability to control properties that we do not operate;
|
•
|
our dependence on third parties for the marketing of our crude oil and natural gas production;
|
•
|
our dependence on key management personnel and technical experts;
|
•
|
our inability to keep pace with technological advancements in our industry;
|
•
|
the potential for write-downs in the carrying values of our oil and natural gas properties;
|
•
|
our compliance with complex laws governing our business;
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•
|
our failure to comply with environmental laws and regulations;
|
•
|
the demand for oil and natural gas and our ability to transport our production;
|
•
|
the financial condition of the operators of the properties in which we own an interest;
|
•
|
the dilutive effect of additional issuances of our common stock, options or warrants;
|
•
|
any impairments of our oil and natural gas properties; and
|
•
|
the results of pending litigation.
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5,879
|
|
|
$
|
2,384
|
|
Accounts receivable - less allowance for doubtful accounts of $0, and $200,000 for September 30, 2016 and December 31, 2015, respectively
|
43,367
|
|
|
37,690
|
|
||
Accounts receivable - affiliates
|
134,997
|
|
|
131,584
|
|
||
Prepaid expenses
|
3,496
|
|
|
8,734
|
|
||
Total current assets
|
187,739
|
|
|
180,392
|
|
||
Fixed Assets
|
|
|
|
|
|||
Furniture and equipment
|
46,883
|
|
|
46,883
|
|
||
Accumulated depreciation
|
(29,277
|
)
|
|
(24,429
|
)
|
||
Total furniture and fixtures, net
|
17,606
|
|
|
22,454
|
|
||
Oil gas properties, net of impairment (successful efforts method)
|
2,787,986
|
|
|
3,033,279
|
|
||
Accumulated depletion, depreciation and amortization
|
(2,142,806
|
)
|
|
(2,274,188
|
)
|
||
Total oil and gas properties, net
|
645,180
|
|
|
759,091
|
|
||
Other Assets
|
|
|
|
|
|||
Deferred debt financing costs
|
16,443
|
|
|
47,060
|
|
||
Total Assets
|
$
|
866,968
|
|
|
$
|
1,008,997
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
|||
Accounts payable
|
$
|
1,114,619
|
|
|
$
|
1,591,764
|
|
Accrued liabilities
|
409,104
|
|
|
534,619
|
|
||
Accrued liabilities - related parties
|
1,131,306
|
|
|
805,179
|
|
||
Liability for unauthorized preferred stock issued
|
9,283
|
|
|
9,283
|
|
||
Note payable
|
672,000
|
|
|
680,000
|
|
||
Asset retirement obligation
|
52,321
|
|
|
14,403
|
|
||
Total current liabilities
|
3,388,633
|
|
|
3,635,248
|
|
||
Other Liabilities
|
|
|
|
|
|||
Asset retirement obligations
|
31,129
|
|
|
94,768
|
|
||
Total long term liabilities
|
31,129
|
|
|
94,768
|
|
||
Total Liabilities
|
3,419,762
|
|
|
3,730,016
|
|
||
Stockholders' Equity (Deficit)
|
|
|
|
|
|||
Common stock, $0.001 par value, 47,500,000 shares authorized, 31,220,326 shares and
31,220,326 shares issued and outstanding for September 30, 2016 and December 31, 2015, respectively |
31,220
|
|
|
31,220
|
|
||
Additional paid-in capital
|
35,780,817
|
|
|
35,708,746
|
|
||
Accumulated deficit
|
(45,469,743
|
)
|
|
(44,289,126
|
)
|
||
Total Victory Energy Corporation stockholders' deficit
|
(9,657,706
|
)
|
|
(8,549,160
|
)
|
||
Non-controlling interest
|
7,104,912
|
|
|
5,828,141
|
|
||
Total stockholders' equity (deficit)
|
(2,552,794
|
)
|
|
(2,721,019
|
)
|
||
Total Liabilities and Stockholders' Equity
|
$
|
866,968
|
|
|
$
|
1,008,997
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Oil and gas sales
|
$
|
73,065
|
|
|
$
|
152,448
|
|
|
$
|
218,243
|
|
|
$
|
550,647
|
|
Gain on settlement and sale of oil and gas properties
|
—
|
|
|
—
|
|
|
64,824
|
|
|
—
|
|
||||
Total revenues
|
73,065
|
|
|
152,448
|
|
|
283,067
|
|
|
550,647
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Lease operating costs
|
20,585
|
|
|
37,279
|
|
|
83,712
|
|
|
114,296
|
|
||||
Exploration and dry hole cost
|
—
|
|
|
(5,611
|
)
|
|
—
|
|
|
(2,120
|
)
|
||||
Production taxes
|
4,097
|
|
|
7,178
|
|
|
11,152
|
|
|
26,719
|
|
||||
General and administrative
|
190,675
|
|
|
941,822
|
|
|
1,258,833
|
|
|
3,657,016
|
|
||||
Impairment of oil and natural gas properties
|
—
|
|
|
3,152
|
|
|
—
|
|
|
309,539
|
|
||||
Depreciation, depletion, amortization, and accretion
|
32,729
|
|
|
84,423
|
|
|
109,016
|
|
|
335,437
|
|
||||
Total operating expenses
|
248,086
|
|
|
1,068,243
|
|
|
1,462,713
|
|
|
4,440,887
|
|
||||
Loss from operations
|
(175,021
|
)
|
|
(915,795
|
)
|
|
(1,179,646
|
)
|
|
(3,890,240
|
)
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
||||||
Management fee income
|
772
|
|
|
3,053
|
|
|
3,413
|
|
|
5,728
|
|
||||
Interest expense
|
(33,300
|
)
|
|
(32,220
|
)
|
|
(99,613
|
)
|
|
(79,406
|
)
|
||||
Total other income and expense
|
(32,528
|
)
|
|
(29,167
|
)
|
|
(96,200
|
)
|
|
(73,678
|
)
|
||||
Loss before Tax Benefit
|
(207,549
|
)
|
|
(944,962
|
)
|
|
(1,275,846
|
)
|
|
(3,963,918
|
)
|
||||
Tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss
|
(207,549
|
)
|
|
$
|
(944,962
|
)
|
|
(1,275,846
|
)
|
|
(3,963,918
|
)
|
|||
Less: Net loss attributable to non-controlling interest
|
(12,033
|
)
|
|
(62,353
|
)
|
|
(95,229
|
)
|
|
(287,278
|
)
|
||||
Net loss attributable to Victory Energy Corporation
|
$
|
(195,516
|
)
|
|
$
|
(882,609
|
)
|
|
$
|
(1,180,617
|
)
|
|
$
|
(3,676,640
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares, basic and diluted
|
31,220,326
|
|
|
29,776,068
|
|
|
31,220,326
|
|
|
29,428,000
|
|
||||
Net loss per share, basic and diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.12
|
)
|
|
For the Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net loss
|
$
|
(1,275,846
|
)
|
|
$
|
(3,963,918
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities
|
|
|
|
|
|
||
Amortization of debt discount and financing warrants
|
30,617
|
|
|
30,617
|
|
||
Accretion of asset retirement obligations
|
2,129
|
|
|
4,593
|
|
||
Depletion, depreciation, and amortization
|
106,887
|
|
|
335,437
|
|
||
Gain on settlement and sale of oil and gas properties
|
(64,824
|
)
|
|
—
|
|
||
Impairment of oil and natural gas properties
|
—
|
|
|
309,539
|
|
||
Gain on asset retirement settlement
|
—
|
|
|
(3,721
|
)
|
||
Stock based compensation
|
72,071
|
|
|
411,527
|
|
||
Stock grants in exchange for services
|
—
|
|
|
169,210
|
|
||
Change in operating assets and liabilities
|
|
|
|
|
|
||
Accounts receivable
|
(5,677
|
)
|
|
17,014
|
|
||
Accounts receivable - affiliate
|
(3,413
|
)
|
|
(4,917
|
)
|
||
Prepaid expense
|
5,238
|
|
|
17,892
|
|
||
Accounts payable
|
(418,151
|
)
|
|
300,207
|
|
||
Accrued liabilities - related parties
|
326,127
|
|
|
201,177
|
|
||
Accrued liabilities
|
(125,515
|
)
|
|
274,342
|
|
||
Net cash used in operating activities
|
(1,350,357
|
)
|
|
(1,901,001
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Lease purchases, drilling capital expenditures
|
(18,442
|
)
|
|
(529,974
|
)
|
||
Proceeds from the sale of assets
|
8,294
|
|
|
—
|
|
||
Net cash used in investing activities
|
(10,148
|
)
|
|
(529,974
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Non-controlling interest contributions
|
1,372,000
|
|
|
2,611,000
|
|
||
Principal payments of debt financing
|
(8,000
|
)
|
|
(70,000
|
)
|
||
Net cash provided by financing activities
|
1,364,000
|
|
|
2,541,000
|
|
||
Net Change in Cash and Cash Equivalents
|
3,495
|
|
|
110,025
|
|
||
Beginning Cash and Cash Equivalents
|
2,384
|
|
|
2,941
|
|
||
Ending Cash and Cash Equivalents
|
$
|
5,879
|
|
|
$
|
112,966
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest
|
$
|
33,633
|
|
|
$
|
32,730
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Asset retirement obligation incurred
|
$
|
—
|
|
|
$
|
2,506
|
|
Accrued capital expenditures
|
$
|
233,323
|
|
|
$
|
398,052
|
|
|
September 30,
2016 |
|
December 31, 2015
|
||||
Proved property
|
$
|
9,695,367
|
|
|
$
|
9,940,660
|
|
Unproved property
|
$
|
1,375,940
|
|
|
$
|
1,375,940
|
|
Total oil and natural gas properties, at cost
|
$
|
11,071,307
|
|
|
$
|
11,316,600
|
|
Less: accumulated impairment
|
$
|
(8,283,321
|
)
|
|
$
|
(8,283,321
|
)
|
Oil and natural gas properties, net of impairment
|
$
|
2,787,986
|
|
|
$
|
3,033,279
|
|
Less: accumulated depletion
|
(2,142,806
|
)
|
|
(2,274,188
|
)
|
||
Oil and natural gas properties, net
|
$
|
645,180
|
|
|
$
|
759,091
|
|
|
September 30,
2016 |
|
December 31, 2015
|
||||
Asset retirement obligation at beginning of period
|
$
|
109,171
|
|
|
$
|
44,214
|
|
Liabilities incurred on properties acquired and developed
|
—
|
|
|
2,506
|
|
||
Revisions to previous estimates
|
—
|
|
|
60,832
|
|
||
Liabilities on properties sold or settled
|
(27,850
|
)
|
|
(3,721
|
)
|
||
Accretion expense
|
2,129
|
|
|
5,340
|
|
||
Asset retirement obligation at end of period
|
$
|
83,450
|
|
|
$
|
109,171
|
|
|
For the Three Months Ended September 30,
|
|
For the nine Months Ended September 30,
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
Change
|
||
Period Production
|
|
|
|
|
|
|
|
|
|
|
||
Oil (Bbl)
|
1,501
|
|
2,940
|
|
(49
|
)%
|
|
5,363
|
|
9,950
|
(46
|
)%
|
Gas (Mcf)
|
4,884
|
|
9,623
|
|
(49
|
)%
|
|
16,762
|
|
32,581
|
(49
|
)%
|
BOE
|
2,315
|
|
4,544
|
|
(49
|
)%
|
|
8,156
|
|
15,380
|
(47
|
)%
|
Daily Production
|
|
|
|
|
|
|
|
|
|
|
||
Oil (Bbl/d)
|
16
|
|
32
|
|
(50
|
)%
|
|
20
|
|
36
|
(46
|
)%
|
Gas (Mcf/d)
|
53
|
|
105
|
|
(50
|
)%
|
|
61
|
|
119
|
(49
|
)%
|
BOE/d
|
25
|
|
49
|
|
(49
|
)%
|
|
30
|
|
56
|
(47
|
)%
|
|
For the Three Months Ended September 30,
|
|
For the nine Months Ended September 30,
|
|||||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
Change
|
||||||||||
Realized Prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oil ($/bbl)
|
$
|
35.82
|
|
|
$
|
44.94
|
|
|
(20
|
)%
|
|
$
|
33.03
|
|
|
$
|
47.86
|
|
(31
|
)%
|
Gas ($/Mcf)
|
3.95
|
|
|
2.11
|
|
|
87
|
%
|
|
2.45
|
|
|
2.28
|
|
7
|
%
|
||||
Value per BOE
|
$
|
31.57
|
|
|
$
|
33.55
|
|
|
(6
|
)%
|
|
$
|
26.76
|
|
|
$
|
35.80
|
|
(25
|
)%
|
|
For the Three Months Ended September 30
|
|
For the nine Months Ended September 30
|
||||||||||||||||
|
Oil
|
Gas
|
Total
|
|
Oil
|
Gas
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
2015 Sales
|
$
|
132,119
|
|
$
|
20,329
|
|
$
|
152,448
|
|
|
$
|
476,234
|
|
$
|
74,413
|
|
$
|
550,647
|
|
Change due to Volumes
|
(64,683
|
)
|
(10,011
|
)
|
(74,694
|
)
|
|
(219,564
|
)
|
(36,129
|
)
|
(255,693
|
)
|
||||||
Change due to Prices
|
(13,679
|
)
|
8,990
|
|
(4,689
|
)
|
|
(79,519
|
)
|
2,808
|
|
(76,711
|
)
|
||||||
2016 Sales
|
$
|
53,757
|
|
$
|
19,308
|
|
$
|
73,065
|
|
|
$
|
177,151
|
|
$
|
41,092
|
|
$
|
218,243
|
|
|
(Unaudited)
|
|
|
|
|
|||||||||
|
Three Months Ended September 30,
|
|
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Oil and gas sales
|
$
|
73,065
|
|
|
$
|
152,448
|
|
|
$
|
(79,383
|
)
|
|
(52
|
)%
|
Total revenues
|
73,065
|
|
|
152,448
|
|
|
(79,383
|
)
|
|
|
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||
Lease operating costs
|
20,585
|
|
|
37,279
|
|
|
(16,694
|
)
|
|
(45
|
)%
|
|||
Exploration and dry hole costs
|
—
|
|
|
(5,611
|
)
|
|
5,611
|
|
|
(100
|
)%
|
|||
Production taxes
|
4,097
|
|
|
7,178
|
|
|
(3,081
|
)
|
|
(43
|
)%
|
|||
General and administrative
|
190,675
|
|
|
941,822
|
|
|
(751,147
|
)
|
|
(80
|
)%
|
|||
Impairment of oil and natural gas properties
|
—
|
|
|
3,152
|
|
|
(3,152
|
)
|
|
(100
|
)%
|
|||
Depreciation, depletion, amortization and accretion
|
32,729
|
|
|
84,423
|
|
|
(51,694
|
)
|
|
(61
|
)%
|
|||
Total operating expenses
|
248,086
|
|
|
1,068,243
|
|
|
(820,157
|
)
|
|
|
|
|||
Loss from operations
|
(175,021
|
)
|
|
(915,795
|
)
|
|
740,774
|
|
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
||||
Management fee income
|
772
|
|
|
3,053
|
|
|
(2,281
|
)
|
|
(75
|
)%
|
|||
Interest expense
|
(33,300
|
)
|
|
(32,220
|
)
|
|
(1,080
|
)
|
|
3
|
%
|
|||
Total other income and expense
|
(32,528
|
)
|
|
(29,167
|
)
|
|
(3,361
|
)
|
|
|
|
|||
Loss before Tax Benefit
|
(207,549
|
)
|
|
(944,962
|
)
|
|
737,413
|
|
|
|
||||
Tax benefit
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Net loss
|
(207,549
|
)
|
|
(944,962
|
)
|
|
737,413
|
|
|
|
||||
Less: Net income (loss) attributable to non-controlling interest
|
(12,033
|
)
|
|
(62,353
|
)
|
|
50,320
|
|
|
(81
|
)%
|
|||
Net Loss Attributable To Victory Energy Corporation
|
$
|
(195,516
|
)
|
|
$
|
(882,609
|
)
|
|
$
|
687,093
|
|
|
78
|
%
|
|
(Unaudited)
|
|
|
|
|
|||||||||
|
Nine Months Ended September 30,
|
|
|
|
Percentage
Change
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Inc (Dec)
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Oil and gas sales
|
218,243
|
|
|
550,647
|
|
|
$
|
(332,404
|
)
|
|
(60
|
)%
|
||
Gain on settlement and sale of oil and gas properties
|
64,824
|
|
|
—
|
|
|
64,824
|
|
|
100
|
%
|
|||
Total revenues
|
283,067
|
|
|
550,647
|
|
|
(267,580
|
)
|
|
(49
|
)%
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|||||||
Lease operating costs
|
83,712
|
|
|
114,296
|
|
|
(30,584
|
)
|
|
(27
|
)%
|
|||
Exploration and dry hole costs
|
—
|
|
|
(5,611
|
)
|
|
5,611
|
|
|
(100
|
)%
|
|||
Production taxes
|
11,152
|
|
|
26,719
|
|
|
(15,567
|
)
|
|
(58
|
)%
|
|||
General and administrative
|
1,258,833
|
|
|
3,657,016
|
|
|
(2,398,183
|
)
|
|
(66
|
)%
|
|||
Impairment of oil and natural gas properties
|
—
|
|
|
309,539
|
|
|
(309,539
|
)
|
|
(100
|
)%
|
|||
Depreciation, depletion, amortization and accretion
|
109,016
|
|
|
335,437
|
|
|
(226,421
|
)
|
|
(68
|
)%
|
|||
Total operating expenses
|
1,462,713
|
|
|
4,440,887
|
|
|
(2,978,174
|
)
|
|
(67
|
)%
|
|||
Loss from operations
|
(1,179,646
|
)
|
|
(3,890,240
|
)
|
|
2,710,594
|
|
|
(70
|
)%
|
|||
Other Income (Expense):
|
|
|
|
|
|
|
|
|||||||
Management fee income
|
3,413
|
|
|
5,728
|
|
|
(2,315
|
)
|
|
(40
|
)%
|
|||
Interest expense
|
(99,613
|
)
|
|
(79,406
|
)
|
|
(20,207
|
)
|
|
25
|
%
|
|||
Total other income and expense
|
(96,200
|
)
|
|
(73,678
|
)
|
|
(22,522
|
)
|
|
31
|
%
|
|||
Loss before Tax Benefit
|
(1,275,846
|
)
|
|
(3,963,918
|
)
|
|
2,688,072
|
|
|
|
||||
Tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||
Net loss
|
(1,275,846
|
)
|
|
(3,963,918
|
)
|
|
2,688,072
|
|
|
|
|
|||
Less: Net income (loss) attributable to non-controlling interest
|
(95,229
|
)
|
|
(287,278
|
)
|
|
192,049
|
|
|
(67
|
)%
|
|||
NET LOSS ATTRIBUTABLE TO VICTORY ENERGY CORPORATION
|
$
|
(1,180,617
|
)
|
|
$
|
(3,676,640
|
)
|
|
$
|
2,496,023
|
|
|
(68
|
)%
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
|
|
|
||||
Cash
|
$
|
5,879
|
|
|
$
|
2,384
|
|
Total current assets
|
$
|
187,739
|
|
|
$
|
180,392
|
|
Total assets
|
$
|
866,968
|
|
|
$
|
1,008,997
|
|
Total current liabilities
|
$
|
3,388,633
|
|
|
$
|
3,635,248
|
|
Total liabilities
|
$
|
3,419,762
|
|
|
$
|
3,730,016
|
|
31.1 **
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
|
|
|
|
31.2 **
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
|
|
|
|
32.1 **
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.**
|
|
|
|
32.2 **
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.**
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* XBRL (Extensible Business Reporting Language) information is furnished and not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
** Filed herewith.
|
|
|
VICTORY ENERGY CORPORATION
|
|
|
|
|
|
|
|
Date:
|
November 14, 2016
|
By:
|
/s/ Kenneth Hill
|
|
|
|
|
Kenneth Hill
|
|
|
|
|
Chief Executive Officer and Director
|
|
1 Year Victory Oilfield Tech (PK) Chart |
1 Month Victory Oilfield Tech (PK) Chart |
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