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.
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