ve8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest reported): October 7, 2008
VICTORY
ENERGY CORPORATION
(Exact
name of registrant as specified in its charter)
|
NEVADA
|
|
002-76219-NY
|
|
87-0564472
|
|
(State
or other jurisdiction of
|
|
(Commission
File Number)
|
|
(IRS
Employer
|
|
incorporation
or organization)
|
|
|
|
I.D.
Number)
|
112
N Curry Street, Carson City, Nevada 89703-4934
(Address
of principal executive offices)
(Registrant’s
telephone number)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2.)
[
] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[
] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events.
Victory
Energy purchased the remaining 50% ownership interest in three term assignments
for $1,185,000. These interests will be recorded
under the Corporations name in Crockett, County Texas. This recorded
interest of each term assignment is for the remaining 50% of the 100% working
interest and the remaining 50% of the 74% net revenue interest. Giving the
Corporation 100% of the working interest and 100% of the 74% net revenue
interest. The remaining 26% of the interest is set aside for royalty interest
owners of each lease.
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%.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
Victory
Energy Corporation
|
|
| |
|
|
|
|
Dated:
October 7, 2008
|
By:
|
/s/ Jon
Fullenkamp |
|
| |
|
Jon
Fullenkamp |
|
| |
|
Chairman
and CEO
|
|
| |
|
|
|