Victory Energy Corp. (VYEY) Carving-Out Opportunity in Permian Basin’s Prolific Oil Boom
Earlier this month, BloombergBusiness reported that the number of oil rigs in the United States clipped a record high amid beefed up horizontal drilling in the Texas-New Mexico Permian Basin, one of the oldest and most infamous fields in the United States. The number of rigs surged by 13 to 1,443, marking the highest level in 26 years. Horizontal rigs in the Permian Basin rose by 10 to 265 while vertical rigs in the area gained three and directional count added one, says the report. Relatively new technology and advances, such as hydraulic fracturing – called “fracking” – paired with…