$VYEY
Victory Clean Energy Inc

2015 Q1 Form 10-K Financial Statement

#000162828015002091 Filed on March 31, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4 2013
Revenue $128.6K $230.0K $735.4K
YoY Change -34.06% 91.67% 122.85%
Cost Of Revenue $40.00K $80.00K $247.4K
YoY Change -42.86% 14.29% 64.9%
Gross Profit $90.00K $150.0K $488.1K
YoY Change -25.0% 200.0% 171.14%
Gross Profit Margin 70.0% 65.22% 66.37%
Selling, General & Admin $1.640M $220.0K
YoY Change 241.67% -62.07%
% of Gross Profit 1822.22% 146.67%
Research & Development $0.00 $0.00 $112.1K
YoY Change -100.0% -64.96%
% of Gross Profit 0.0% 0.0% 22.97%
Depreciation & Amortization $75.20K $210.0K $380.0K
YoY Change -3.63% 2000.0% 660.0%
% of Gross Profit 83.55% 140.0% 77.86%
Operating Expenses $1.720M $440.0K $112.1K
YoY Change 201.75% -34.33% -96.5%
Operating Profit -$1.641M -$290.0K -$2.151M
YoY Change 271.93% -53.23% -28.78%
Interest Expense $18.71K $0.00 $830.00
YoY Change 112.93% -100.0% -100.02%
% of Operating Profit
Other Income/Expense, Net -$17.21K $10.00K $34.64K
YoY Change 252.17%
Pretax Income -$1.658M -$900.0K -$2.116M
YoY Change 271.72% 9.76% -70.2%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.547M -$620.0K -$1.687M
YoY Change 255.29% -3.13% -74.98%
Net Earnings / Revenue -1202.92% -269.57% -229.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.013M -$849.3K
COMMON SHARES
Basic Shares Outstanding 29.20M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.0K $20.00K $20.00K
YoY Change -10.0% -87.5% -87.5%
Cash & Equivalents $176.5K $20.86K $20.00K
Short-Term Investments
Other Short-Term Assets $10.00K $40.00K $40.00K
YoY Change -90.91% -42.86% -42.86%
Inventory
Prepaid Expenses $14.32K $38.66K
Receivables $32.41K $116.5K $190.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $348.3K $194.6K $240.0K
YoY Change -24.28% -48.78% -36.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.010M $2.230M $2.230M
YoY Change -23.86% 50.68% 50.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K
YoY Change -33.33%
Total Long-Term Assets $2.092M $2.229M $2.230M
YoY Change -24.2% 50.63% 50.68%
TOTAL ASSETS
Total Short-Term Assets $348.3K $194.6K $240.0K
Total Long-Term Assets $2.092M $2.229M $2.230M
Total Assets $2.440M $2.424M $2.470M
YoY Change -24.21% 30.32% 32.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.931M $351.4K $350.0K
YoY Change 421.85%
Accrued Expenses $228.5K $196.9K $220.0K
YoY Change 14.27% -24.26% -15.38%
Deferred Revenue
YoY Change
Short-Term Debt $1.050M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.513M $676.2K $580.0K
YoY Change 505.77% 150.43% 114.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $30.00K $50.00K $50.00K
YoY Change -50.0% 25.0% 25.0%
Total Long-Term Liabilities $32.16K $51.95K $50.00K
YoY Change -96.54% 29.89% 25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.513M $676.2K $580.0K
Total Long-Term Liabilities $32.16K $51.95K $50.00K
Total Liabilities $3.546M $728.1K $4.940M
YoY Change -42.16% -73.23% 81.62%
SHAREHOLDERS EQUITY
Retained Earnings -$41.66M -$36.90M
YoY Change
Common Stock $35.10M $34.43M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.558M -$2.470M -$2.470M
YoY Change
Total Liabilities & Shareholders Equity $2.440M $2.424M $2.470M
YoY Change -24.21% 30.32% 32.8%

Cashflow Statement

Concept 2015 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$1.547M -$620.0K -$1.687M
YoY Change 255.29% -3.13% -74.98%
Depreciation, Depletion And Amortization $75.20K $210.0K $380.0K
YoY Change -3.63% 2000.0% 660.0%
Cash From Operating Activities -$1.604M $0.00 -$580.3K
YoY Change 297.65% -100.0% -78.1%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$420.0K -$2.040M
YoY Change -67.39% -282.61% 5000.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $290.0K
YoY Change -100.0% -100.0% -160.42%
Cash From Investing Activities -$147.6K -$420.0K -$1.893M
YoY Change -69.55% -290.91% 264.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.925M 280.0K $2.336M
YoY Change 80.66% -62.16% -18.04%
NET CHANGE
Cash From Operating Activities -$1.604M 0.000 -$580.3K
Cash From Investing Activities -$147.6K -420.0K -$1.893M
Cash From Financing Activities $1.925M 280.0K $2.336M
Net Change In Cash $173.6K -140.0K -$137.3K
YoY Change -2.29% -333.33% -57.09%
FREE CASH FLOW
Cash From Operating Activities -$1.604M $0.00 -$580.3K
Capital Expenditures -$150.0K -$420.0K -$2.040M
Free Cash Flow -$1.454M $420.0K $1.460M
YoY Change -2665.57% -137.17% -155.93%

Facts In Submission

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CY2014 dei Amendment Description
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The purpose of this Amendment No. 1 to Victory Energy Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on April 14, 2014 (the “Form 10-K”), is solely to (i) make certain revisions to correct certain non-material omissions in Item 11 (Executive Compensation), (ii) make certain revisions to correct certain errors in the index to exhibits in Item 15, (iii) add the date, which was inadvertently omitted, to the Consent of Marcum LLP, which is being refiled as Exhibit 23.1, (iv) make a non-material revision to the notes to the consolidated financial statements of the Company for the year ended December 31, 2012, as well as a corresponding revision to the Extensible Business Reporting Language, and (v) add Exhibit 10.10, Exhibit 23.2 and Exhibit 23.3 that were inadvertently omitted from the Form 10-K. Pursuant to Rule 12b-15 under the Securities and Exchange Act of 1934, new certifications of our principal executive officer and principal financial officer are being filed as exhibits to this Form 10-K/A-1.
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IssuanceOfStockAndWarrantsForServicesOrClaims
0 USD
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
27750 USD
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
28500 USD
CY2013 us-gaap Lease Operating Expense
LeaseOperatingExpense
203132 USD
CY2014 us-gaap Lease Operating Expense
LeaseOperatingExpense
190207 USD
CY2013Q4 us-gaap Liabilities
Liabilities
728127 USD
CY2014Q4 us-gaap Liabilities
Liabilities
2672536 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2424022 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1203713 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
676173 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2632043 USD
CY2013Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
51954 USD
CY2014Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
40493 USD
CY2013 us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
25639 USD
CY2014 us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
0 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
4165986 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
3639359 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-1686627 USD
CY2013 us-gaap Other Utility Costs
OtherUtilityCosts
112123 USD
CY2014 us-gaap Other Utility Costs
OtherUtilityCosts
56351 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1137222 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-3209932 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-429511 USD
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1019205 USD
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
34643 USD
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2196329 USD
CY2013Q4 us-gaap Notes Payable Current
NotesPayableCurrent
0 USD
CY2014Q4 us-gaap Notes Payable Current
NotesPayableCurrent
800000 USD
CY2013Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
1517836 USD
CY2014Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
1942380 USD
CY2013Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment
4325785 USD
CY2014Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Impairment
OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment
7430438 USD
CY2013Q4 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
3715648 USD
CY2014Q4 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
2838573 USD
CY2013Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
2197812 USD
CY2014Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
896193 USD
CY2013 us-gaap Oil And Gas Revenue
OilAndGasRevenue
735413 USD
CY2014 us-gaap Oil And Gas Revenue
OilAndGasRevenue
695318 USD
CY2013 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
735413 USD
CY2014 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
695318 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
-2150781 USD
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-6425466 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
0 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
0 USD
CY2013Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
15100156 USD
CY2014Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17755948 USD
CY2013Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
6981347 USD
CY2014Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
8780792 USD
CY2013Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9283 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9283 USD
CY2014Q3 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
558246 USD
CY2013 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
0 USD
CY2014 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
647422 USD
CY2013 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2014 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
122469 USD
CY2013 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
0 USD
CY2014 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
3710 USD
CY2013 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
0 USD
CY2014 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
3214872 USD
CY2013 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
2346482 USD
CY2014 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
841270 USD
CY2006Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2006Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
715517 shares
CY2013 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2014 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
433000 USD
CY2013 us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
ResultsOfOperationsAccretionOfAssetRetirementObligations
3119 USD
CY2014 us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
ResultsOfOperationsAccretionOfAssetRetirementObligations
3360 USD
CY2013 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
378398 USD
CY2014 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
430912 USD
CY2013 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
-643041 USD
CY2014 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
-3738061 USD
CY2013 us-gaap Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs
ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts
-643041 USD
CY2014 us-gaap Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs
ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts
-3738061 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-36901894 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-40111826 USD
CY2013 us-gaap Revenues
Revenues
735413 USD
CY2014 us-gaap Revenues
Revenues
695318 USD
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
21846 USD
CY2013 us-gaap Previously Estimated Development Costs Incurred During Period
PreviouslyEstimatedDevelopmentCostsIncurredDuringPeriod
888160 USD
CY2014 us-gaap Previously Estimated Development Costs Incurred During Period
PreviouslyEstimatedDevelopmentCostsIncurredDuringPeriod
0 USD
CY2013 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
CY2014 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
1233000 USD
CY2013 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
375000 USD
CY2014 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
4031625 USD
CY2013 us-gaap Production Tax Expense
ProductionTaxExpense
44218 USD
CY2014 us-gaap Production Tax Expense
ProductionTaxExpense
34867 USD
CY2013 us-gaap Profit Loss
ProfitLoss
-2116138 USD
CY2014 us-gaap Profit Loss
ProfitLoss
-4229137 USD
CY2013Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
43173 USD
CY2014Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
46883 USD
CY2013Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
11597 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
17965 USD
CY2013Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
31576 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
28918 USD
CY2013Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
7694412 USD
CY2014Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
8903060 USD
CY2013 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
19900 USD
CY2014 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
CY2013 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
-206456 USD
CY2014 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
-281585 USD
CY2013 us-gaap Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
-473159 USD
CY2014 us-gaap Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts
-470244 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
52106 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
490174 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4134542 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
400000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
150000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
610000 shares
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2014 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Period Increase Decrease
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesPeriodIncreaseDecrease
-228034 USD
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.35
CY2013 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Period Increase Decrease
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesPeriodIncreaseDecrease
676780 USD
CY2013 vyey Net Operating Loss Reduction Due
NetOperatingLossReductionDue
0.0000
CY2014 vyey Net Operating Loss Reduction Due
NetOperatingLossReductionDue
0.0000
CY2013 vyey Noncash Drilling Costs
NoncashDrillingCosts
0 USD
CY2012Q4 us-gaap Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
1745320 USD
CY2013Q4 us-gaap Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
2422100 USD
CY2014 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
350000 shares
CY2014 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
1350000 shares
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
81667 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
0 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
92235 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-2470091 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
-5108182 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1546867 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1695895 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1468823 USD
CY2013Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
321124 USD
CY2014Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
1365951 USD
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27563619 shares
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28453976 shares
CY2013 vyey Book Loss
BookLoss
-0.34
CY2014 vyey Book Loss
BookLoss
-0.34
CY2013 vyey Capital Contributions
CapitalContributions
2336000 USD
CY2014 vyey Capital Contributions
CapitalContributions
1140000 USD
CY2013Q4 vyey Common Stock Equivalents
CommonStockEquivalents
5081386 shares
CY2014Q4 vyey Common Stock Equivalents
CommonStockEquivalents
6681386 shares
CY2014Q4 vyey Common Stock Neededto Settle Convertible Preferred Stock
CommonStockNeededtoSettleConvertiblePreferredStock
137932 shares
CY2013Q4 vyey Convertible Preferred Stock Common Stock Equivalent
ConvertiblePreferredStockCommonStockEquivalent
137932 shares
CY2014Q4 vyey Convertible Preferred Stock Common Stock Equivalent
ConvertiblePreferredStockCommonStockEquivalent
137932 shares
CY2013 vyey Costs Incurred Oil And Gas Property Undrilled Leaseholds
CostsIncurredOilAndGasPropertyUndrilledLeaseholds
0 USD
CY2014 vyey Costs Incurred Oil And Gas Property Undrilled Leaseholds
CostsIncurredOilAndGasPropertyUndrilledLeaseholds
22577 USD
CY2013 vyey Debt Discount Accretion
DebtDiscountAccretion
0.0000
CY2014 vyey Debt Discount Accretion
DebtDiscountAccretion
0.0010
CY2013Q4 vyey Drilling In Process Costs
DrillingInProcessCosts
25897 USD
CY2014Q4 vyey Drilling In Process Costs
DrillingInProcessCosts
0 USD
CY2013 vyey Dry Hole Costs
DryHoleCosts
112123 USD
CY2014 vyey Dry Hole Costs
DryHoleCosts
56351 USD
CY2013 vyey Impairment Of Oil And Gas Reserves
ImpairmentOfOilAndGasReserves
640583 USD
CY2014 vyey Impairment Of Oil And Gas Reserves
ImpairmentOfOilAndGasReserves
3721042 USD
CY2013 vyey Increase Decrease In Future Before Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureBeforeIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
2422100 USD
CY2014 vyey Increase Decrease In Future Before Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
IncreaseDecreaseInFutureBeforeIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves
1464570 USD
CY2013 vyey Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves1
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves1
-823500 USD
CY2014 vyey Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves1
IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves1
-500586 USD
CY2013 vyey Lease Operating Costs And Production Taxes
LeaseOperatingCostsAndProductionTaxes
247350 USD
CY2014 vyey Lease Operating Costs And Production Taxes
LeaseOperatingCostsAndProductionTaxes
225074 USD
CY2013 vyey Management Fee Income
ManagementFeeIncome
14708 USD
CY2014 vyey Management Fee Income
ManagementFeeIncome
90785 USD
CY2013 vyey Meals And Entertainment
MealsAndEntertainment
0.0005
CY2014 vyey Meals And Entertainment
MealsAndEntertainment
0.0015
CY2014 vyey Noncash Drilling Costs
NoncashDrillingCosts
637248 USD
CY2013 vyey Noncashor Part Noncash Acquisition Oiland Gas Property
NoncashorPartNoncashAcquisitionOilandGasProperty
0 USD
CY2014Q3 vyey Paymentsto Acquire Working Interest
PaymentstoAcquireWorkingInterest
3050133 USD
CY2014Q4 vyey Percentageof Partnership Interests Distributableat Companys Discretion
PercentageofPartnershipInterestsDistributableatCompanysDiscretion
1
CY2014 vyey Noncashor Part Noncash Acquisition Oiland Gas Property
NoncashorPartNoncashAcquisitionOilandGasProperty
182250 USD
CY2013Q4 vyey Oil And Gas Property Successful Effort Method Cost
OilAndGasPropertySuccessfulEffortMethodCost
8041433 USD
CY2014Q4 vyey Oil And Gas Property Successful Effort Method Cost
OilAndGasPropertySuccessfulEffortMethodCost
10269011 USD
CY2013Q4 vyey Oil And Natural Gas Properties Net Impairment
OilAndNaturalGasPropertiesNetImpairment
3715648 USD
CY2014Q4 vyey Oil And Natural Gas Properties Net Impairment
OilAndNaturalGasPropertiesNetImpairment
2838573 USD
CY2014 vyey Operating Loss Carryforwards Increasefor Period
OperatingLossCarryforwardsIncreaseforPeriod
2655792 USD
CY2014Q4 vyey Owed For Professional Services From Mccall Firm
OwedForProfessionalServicesFromMccallFirm
82935 USD
CY2013Q4 vyey Owed For Professional Services From Miranda
OwedForProfessionalServicesFromMiranda
6000 USD
CY2014Q4 vyey Owed For Professional Services From Miranda
OwedForProfessionalServicesFromMiranda
0 USD
CY2013 vyey Reclass Prior Period Contributionto Related Party Payable
ReclassPriorPeriodContributiontoRelatedPartyPayable
-150000 USD
CY2014 vyey Reclass Prior Period Contributionto Related Party Payable
ReclassPriorPeriodContributiontoRelatedPartyPayable
150000 USD
CY2014 vyey Related Party Consulting Fee
RelatedPartyConsultingFee
10953 USD
CY2013 vyey Relatedpartycontribution
Relatedpartycontribution
2336000 USD
CY2014 vyey Relatedpartycontribution
Relatedpartycontribution
1140000 USD
CY2013 vyey Renewal Of Leaseholds
RenewalOfLeaseholds
81550 USD
CY2014 vyey Renewal Of Leaseholds
RenewalOfLeaseholds
22577 USD
CY2013 vyey Results Of Operations Accretion Of Asset Retirement Obligation
ResultsOfOperationsAccretionOfAssetRetirementObligation
8930 USD
CY2014 vyey Results Of Operations Accretion Of Asset Retirement Obligation
ResultsOfOperationsAccretionOfAssetRetirementObligation
3721 USD
CY2013 vyey Results Of Operations Depreciation Depletion Amortization
ResultsOfOperationsDepreciationDepletionAmortization
378398 USD
CY2014 vyey Results Of Operations Depreciation Depletion Amortization
ResultsOfOperationsDepreciationDepletionAmortization
430912 USD
CY2013 vyey Salefarm Out Of Leaseholds
SalefarmOutOfLeaseholds
-160000 USD
CY2014 vyey Salefarm Out Of Leaseholds
SalefarmOutOfLeaseholds
0 USD
CY2014 vyey Sharebased Compensation Arrangementby Sharebased Payment Award Options Grantedin Period Fair Value
SharebasedCompensationArrangementbySharebasedPaymentAwardOptionsGrantedinPeriodFairValue
131250 USD
CY2014 vyey Sharebased Compensation Arrangementby Sharebased Payment Award Stock Awards Grantedin Period Fair Value
SharebasedCompensationArrangementbySharebasedPaymentAwardStockAwardsGrantedinPeriodFairValue
452675 USD
CY2014 vyey Sharebased Goodsand Nonemployee Services Transaction Stock Awards Grantedin Period Fair Value
SharebasedGoodsandNonemployeeServicesTransactionStockAwardsGrantedinPeriodFairValue
122500 USD
CY2013 vyey Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves1
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves1
1598600 USD
CY2014 vyey Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves1
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves1
963984 USD
CY2013 vyey Stock Grants In Exchange For Services
StockGrantsInExchangeForServices
0 USD
CY2014 vyey Stock Grants In Exchange For Services
StockGrantsInExchangeForServices
81667 USD
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Concentrations:</font></div><div style="line-height:120%;text-align:justify;text-indent:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There is a ready market for the sale of crude oil and natural gas. During 2014 and 2013, our gas field and our producing wells sold their respective gas and oil production to one purchaser for each field or well. However, because alternate purchasers of oil and natural gas are readily available at similar prices, we believe that the loss of any of our purchasers would not have a material adverse effect on our financial results. A majority of the Company&#8217;s production and reserves are from the Permian Basin of West Texas.</font></div></div>
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications:</font></div><div style="line-height:120%;text-indent:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to accounts receivable - affiliates (reduction of </font><font style="font-family:inherit;font-size:10pt;">$50,000</font><font style="font-family:inherit;font-size:10pt;">); accrued liabilities - related parties (increase of </font><font style="font-family:inherit;font-size:10pt;">$100,000</font><font style="font-family:inherit;font-size:10pt;">); and additional paid in capital (reduction of </font><font style="font-family:inherit;font-size:10pt;">$150,000</font><font style="font-family:inherit;font-size:10pt;">) on the </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> Consolidated Balance Sheet to conform to the presentation on the current period&#160;Consolidated Balance Sheet and reflect the proper classification of working capital advances from a member of the Navitus Energy Group. The total </font><font style="font-family:inherit;font-size:10pt;">$100,000</font><font style="font-family:inherit;font-size:10pt;"> advance was repaid in January 2015. These reclassifications had no impact on the net income for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2014 us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Other Property and Equipment:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> years.</font></div></div>
CY2014 us-gaap Revenue Recognition Allowances
RevenueRecognitionAllowances
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the sales method of accounting for oil and natural gas revenues. Under this method, revenues are recognized based on actual volumes of gas and oil sold to purchasers. The volumes sold may differ from the volumes to which the Company is entitled based on our interests in the properties. Differences between volumes sold and entitled volumes create oil and natural gas imbalances which are generally reflected as adjustments to reported proved oil and natural gas reserves and future cash flows in their supplemental oil and natural gas disclosures. If their excess takes of natural gas or oil exceed their estimated remaining proved reserves for a property, a natural gas or oil imbalance liability is recorded in the Consolidated Balance Sheets.</font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, depletion, and amortization (&#8220;DD&amp;A&#8221;) expense, property costs, estimated future net cash flows from proved reserves, cost to abandon oil and natural gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, capitalized general and administrative costs and interest, insurance recoveries, effectiveness and estimated fair value of derivative positions, the purchase price allocation on properties acquired, various common stock, warrants and option transactions, and contingencies.</font></div></div>

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