Victory Energy Mesa Drilling Update
Posted on: Monday, 20 November 2006, 12:00 CST
Victory Energy Corporation (OTCBB: VYEY) -- Drilling on the Mesa Prospect in New Mexico is close to setting the intermediate string of casing. Victory Energy has a 2.5% working interest and is participating in the prospect in a Joint Venture with Eldorado Exploration.
This morning's updated drilling report from the operator in charge of the Mesa Prospect informs Victory that the drilling rig has passed through 2800 feet and at the current drilling rate will place the drill string at a depth where the intermediate string of casing could possibly be set as early as Tuesday.
Intermediate string of casing is placed down the hole inside of the surface casing to the current drilled depth of the hole and cemented into place. The intermediate string allows drilling to deeper depths because it prevents lost circulation in shallower zones as they are now sealed off behind the intermediate string of casing. Once the intermediate sting is cemented into place the drilling rig can begin to use heavier fluids referred to as "muds" to continue drilling to its target depth.
This Mesa prospect will drill to approximately 7200 feet to test a potential Canyon Reef gas zone at a depth of 6000 feet and a Montoya Dolomite zone at 7200 feet that may contain both oil and gas.
The potential reef gas play was found using Passive Induced Polarization (PIP) and passive reflection seismology in combination with supportive subsurface geology. The Mesa prospect is currently 11,300 leased acres with a potential to recover 1 trillion cubic feet of gas (TCF).
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: Victory Energy Corporation Investor Relations Lynne Folks (949) 348-0213
SOURCE: Victory Energy
Source: MARKET WIRE
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