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, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Oil and gas sales $ 79,185 $ 269,631 $ 145,178 $ 398,199
Gain on settlement and sale of oil and gas properties 64,824 0 64,824 0
Total revenues 144,009 269,631 210,002 398,199
Operating Expenses:        
Lease operating costs 25,774 42,504 63,127 77,017
Exploration and dry hole cost 0 0 0 3,491
Production taxes 3,782 12,842 7,055 19,541
General and administrative 623,995 1,070,830 1,068,156 2,715,194
Impairment of oil and natural gas properties 0 300,891 0 306,387
Depreciation, depletion, amortization, and accretion 28,267 175,815 76,286 251,014
Total operating expenses 681,818 1,602,882 1,214,624 3,372,644
Loss from operations (537,809) (1,333,251) (1,004,622) (2,974,445)
Other Income (Expense):        
Management fee income 1,305 1,176 2,641 2,675
Interest expense (33,124) (28,480) (66,313) (47,186)
Total other income and expense (31,819) (27,304) (63,672) (44,511)
Loss before Tax Benefit (569,628) (1,360,555) (1,068,294) (3,018,956)
Tax benefit 0 0 0 0
Net loss (569,628) (1,360,555) (1,068,294) (3,018,956)
Less: Net loss attributable to non-controlling interest (26,154) (113,097) (83,196) (224,925)
Net loss attributable to Victory Energy Corporation $ (543,474) $ (1,247,458) $ (985,098) $ (2,794,031)
Weighted average shares, basic and diluted (in shares) 31,220,326 29,302,826 31,220,326 29,253,937
Net loss per share, basic and diluted (in dollars per share) $ (0.02) $ (0.04) $ (0.03) $ (0.10)