Victory Energy Brings Two New Wells Online
Victory Energy Corporation (OTCBB: VYEY) announced today that the Corporation has brought two new wells online in its Canyon Sandstone gas play located in the Texas Permian Basin.
On Friday stimulation work for wells #166-8 and #166-3 was successfully completed. Both wells were frac’d with stimulation jobs designed using computer modeling based upon characteristics for these types of wells. Computer modeling is utilized to provide superior production performance of Canyon Sandstone gas wells. A work-over rig has been moved onto location to begin swabbing back the stimulation fluid that had been pumped into the formation. It is anticipated that the wells will kick off and flow on their own by April 21st. Once the wells have produced back enough of the stimulation fluid where it will not interfere with production testing, the single point production test will be conducted and completed by May 20th.
The drilling contractor is drilling the tenth well for Victory, #166-12. The contractor reports drilling is progressing as expected and the rig should reach total depth to the target zone, the Canyon Sandstone gas zone, by April 30th.
“Our plan upon completion of the tenth well is to prepare to drill a deep well targeting the Strawn Limestone zone. A deep Strawn Limestone gas well will take this particular project to the next level, providing potentially higher levels of returns for the investors and our shareholders,” stated Jon Fullenkamp, President of Victory Energy Corporation.
Each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day. A Strawn Limestone gas zone will produce approximately 1.5 BCF over an average life span of 30 years. The Strawn zone is usually found at 9,000 to 9,800 feet.
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: Corporate Communications 1-702-989-9735
SOURCE: Victory Energy