Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Oil and gas sales $ 70,680 $ 79,185 $ 155,980 $ 145,178
Gain on settlement and sale of oil and gas properties 0 64,824 0 64,824
Total revenues 70,680 144,009 155,980 210,002
Operating Expenses:        
Lease operating costs 31,836 25,774 57,740 63,127
Exploration and dry hole cost 315 0 2,218 0
Production taxes 3,806 3,782 8,491 7,055
General and administrative 513,826 623,995 1,117,488 1,068,156
Depreciation, depletion, amortization, and accretion 37,259 28,267 62,300 76,286
Total operating expenses 587,042 681,818 1,248,237 1,214,624
Loss from operations (516,362) (537,809) (1,092,257) (1,004,622)
Other Income (Expense):        
Management fee income 822 1,305 1,899 2,641
Interest expense (98,633) (33,124) (187,991) (66,313)
Total other income and expense (97,811) (31,819) (186,092) (63,672)
Loss before Tax Benefit (614,173) (569,628) (1,278,349) (1,068,294)
Tax benefit 0 0 0 0
Net loss (614,173) (569,628) (1,278,349) (1,068,294)
Less: Net loss attributable to non-controlling interest (28,883) (26,154) (25,798) (83,196)
Net loss attributable to Victory Energy Corporation $ (585,290) $ (543,474) $ (1,252,551) $ (985,098)
Weighted average shares, basic and diluted (in shares) 31,220,326 31,220,326 31,220,326 31,220,326
Net loss per share, basic and diluted (in dollars per share) $ (0.02) $ (0.02) $ (0.04) $ (0.03)