On January 17, 2018, Victory Energy Corporation (Company) and Visionary Private Equity Group I, LP (VPEG) entered into a second amendment to the Loan Agreement and Note (the “Amendment No. 2”), pursuant to which the parties agreed to extend the maturity date to a date that is five business days following VPEG’s written demand for payment on the Note; that VPEG will have the option but not the obligation to loan the company additional amounts under the Note on the same terms upon the written request of the company; and that, in the event that VPEG exercises its option to convert the Note into shares of the company’s common stock at any time after the maturity date and prior to payment in full of the principal amount of the Note, the company shall issue to VPEG a five year warrant to purchase a number of additional shares of common stock equal to the number of shares issuable upon such conversion, at an exercise price of $1.52 per share and containing a cashless exercise feature and such other provisions as mutually agreed to by the company and VPEG. The number of shares that will be issuable pursuant to the warrant, if issued and exercised will be, and the exercise price to purchase such shares was, calculated on a post Reverse Split basis. As previously reported on October 17, 2017, the company and VPEG entered into an amendment to the Loan Agreement and Note, dated October 11, 2017 (“Amendment No. 1”), pursuant to which the parties agreed to increase the loan amount to $565,000, increase the principal amount of the Note to $621,500, reflecting an original issue discount of $56,500 and extend the maturity date to November 30, 2017.