Victory Energy Positioned to Acquire 2.5 Billion Cubic Feet of Natural Gas
Posted on: Monday, 24 September 2007, 09:00 CDT
Victory Energy Corporation (OTCBB: VYEY) announced today that the Corporation has positioned itself to acquire approximately 2.5 Billion Cubic Feet of Natural Gas proven undeveloped reserves.
The Adams-Baggett Canyon Sandstone gas field is located in Crockett County, Texas and covers approximately 40 square miles of the southeastern part of the county. This gas field is in the heart of the Texas, Permian Basin, and is classified as the 6th largest known oil and gas reserves in the world.
"This field has significant gas and oil production within the state of Texas. The well spacing has been reduced from 160 acres down to 20 acre spacing to allow a more efficient drainage of the geological structure. It makes economic sense to participate in the development of the infield drilling of this structure," stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (http://www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry. Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company's filings may be accessed at the SEC's EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.
For information, please contact: Bentley Communications Mr. Trevor Bentley Investor Communications Bentley Communications (888) 818-8738 Email Contact
SOURCE: Victory Energy
Source: MARKET WIRE
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