Victory Energy Corporation has agreed to purchase a 10% non-operated Working Interest ownership of "The Fairway Prospect" from a wholly-owned subsidiary of Target Energy Limited for a total cash consideration of approximately $6.0 million.

The sale is subject to the prior approval of the holders of Target's 2014 Convertible Notes and to the completion of due diligence and of a Sale & Purchase Agreement to the satisfaction of both parties. The deal is expected to close on or before June 5th 2014, with an effective date of May 1st, 2014. Target will remain as the largest interest?holder in the project, retaining a 50% Working Interest in all leases other than Wagga Wagga (35% WI).

Tags: Victory Energy Corporation