Victory Energy has acquired the remaining 50% ownership in three term assignments containing three producing Canyon Sandstone gas wells located in Victory's Canyon Sandstone Gas play in the Texas Permian Basin.
The Corporation has finalized the purchase of the remaining ownership interest in the Adams 127-11, Adams 127-12, and the Adams 127-13 gas wells located in Crockett County, Texas.
Funds for the transaction were provided by a private institutional investment group in exchange for a portion of Victory's interest ownership in each term assignment. Currently Victory maintains 15% of the interest ownership until such time the revenues have paid back the original investment, then Victory's interest ownership will increase to 25%.
"The initial ownership interest in these three gas wells was completed at the beginning of this year when the Corporation purchased 50% ownership in six Canyon Sandstone gas wells. We will finalize the purchase of ownership in the remaining three gas wells over the course of the next four months," stated Jon Fullenkamp, President of Victory Energy Corporation.
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