Victory Energy Production and Drilling Continue to Expand
Posted on: Tuesday, 27 May 2008, 09:00 CDT
Victory Energy Corporation (OTCBB: VYEY) announced today that its drilling contractor will be ready to set surface casing on the deep well, Victory's eleventh well, targeting the Strawn Limestone gas zone by June 2nd. This well is in the Corporation's Crockett County gas play located in the Texas Permian Basin.
The stimulation treatment for Victory's tenth well is scheduled for May 29. It is anticipated that this well will be producing gas into the production transmission line by June 19.
The logs for Victory's ninth well show a shallow oil zone of interest. A rig will be moved onto the well site this week and the zone perforated. After a sample of oil has been collected, it will be delivered to an engineering firm to determine a suitable stimulation treatment.
Victory's seventh and eighth wells are now online and producing. Revenues from these wells will be realized in June. The Crockett County field operator for Victory reports the first six gas wells are producing as expected and inline with historical information for this field.
"We are pleased with the progress made in our Canyon Sandstone natural gas play, and uniquely interested in the shallow oil zone which is evident in the ninth well. Should the zone be commercially productive, we have the option of producing this zone and drilling an offset gas well, or producing the oil for a period of time and coming back to the lower natural gas zone at a later date," 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.
Contact: For information, please contact: Corporate Communications 1-702-989-9735
SOURCE: Victory Energy
Source: MARKET WIRE
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