Victory Energy Corporation, a publicly held, independent, growth-oriented oil and gas company, announced it has obtained $36.4 million of bank and private-placement funding through its interest in Aurora Energy Partners. The company, as controlling manager of Aurora, plans to utilize a $26.4 million credit facility from Texas Capital Bank and an additional $10 million of capital being contributed by Navitus Energy Group (Victory’s partner in Aurora), to help it rapidly grow the company through acquisitions and property development. The funding round represents a seven times multiple to the current $5 million market value of the company.

“We are tremendously excited to have a bank like Texas Capital recognize the strength of our management team and the value of our growing portfolio of Permian Basin assets. This funding round is a validation of our business model and will significantly accelerate our growth. Over the past year we’ve grown our proved reserves by 85% and by utilizing this current funding round to acquire proved, producing assets, we anticipate a significant acceleration in reserve growth. As we grow, we will continue to focus on creating shareholder value by rapidly growing unconventional oil, and liquids-rich natural gas reserves on existing properties and through the acquisition of new resource properties. Our Permian Basin focus offers better than 20% rates of return (ROR) and break-even points below $65 oil. This focus on returns is achieved by targeting the predictable resources plays, favorable operating environment, and consistent reservoir quality across multiple target horizons, and high drilling success rates of the Permian Basin of Texas,” said Kenny Hill, CEO of Victory.

Victory is headquartered in Austin, Texas, with additional technical and specialized resources located in Midland, Texas.

The company acquired $26.4 million of the financing through Texas Capital Bank (Dallas) and an additional $10 million from an existing relationship with Navitus Energy Group (Austin). Texas Capital bank provides funding to hundreds of leading independent oil and gas companies and has over $10.8 billion in total assets. Navitus Energy Group is a private partnership made-up of over 100 individual sophisticated investors that have provided funding to the company directly and through a private placement that began in October 2012. The company also continues to benefit from a funding relationship with Visionary Private Equity Group of Springfield, Missouri.