Victory Energy Starts Drilling Twelfth Gas Well
Victory Energy Corporation (OTCBB: VYEY) announced today that its drilling contractor started drilling the next Canyon Sandstone gas well on Sunday. This is Victory’s twelfth well and is in the Corporation’s Crockett County gas play located in the Texas Permian Basin.
On Victory’s eleventh well, a deep Strawn Limestone gas well, surface pipe was set at 1040 feet and the rig is currently drilling at a depth of 4782 feet. Drilling will continue down to approximately 9500 feet where the Strawn Limestone zone is expected to be found.
The stimulation treatment for Victory’s tenth well was completed on June 1st. The next step in this completion is to dry the well up by flowing the stimulation fluid back to surface over the next two weeks. It is anticipated that this well will be producing gas into the production transmission line by June 19.
The operator for Victory is testing a shallow oil zone in the ninth well. The zone was perforated and a sample of oil was collected and delivered to a Houston engineering firm to determine a suitable stimulation treatment. Results of this evaluation are expected by June 5.
Victory’s other eight wells are online and producing. The field operator for Victory reports these gas wells are inline with historical production information for this field.
“Each additional well is a strategic part of long term growth for the Corporation and contributes to increasing shareholder value,” stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (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: Corporate Communications 1-702-989-9735
SOURCE: Victory Energy