Victory Energy Starts Drilling Next Gas Well
February 06 2008 - 9:00AM
Marketwired
CARSON CITY, NV announced today that the Corporation has started
drilling its next Canyon Sandstone gas zone well. This well is
located in the Adams Ranch section of the Adams-Baggett Canyon
Sandstone gas field in Crockett County, Texas.
"The drilling contractor has started drilling the next gas well
for Victory, ahead of the original projected start date of February
10. The stimulation/fracturing of the well we just set pipe on is
slated to be completed by the third week of February," stated Jon
Fullenkamp, President of Victory Energy Corporation.
The Company has established a financial facility with
institutional investors providing drilling funds to the company for
the further development of the Adams ranch properties. This
facility provides for direct participation by the investors in the
production of the completed wells.
The "Canyon Sandstone" gas zone located on this ranch is part of
the large prolific Adams-Baggett Canyon Sandstone gas field. The
Canyon Sandstone formation is found at a depth of 4,300 feet to
4,900 feet. Initial production for these wells is approximately
250,000 cubic feet of gas per day per well. The success rate for
commercially producing gas wells in this area is over 97%.
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
Victory Oilfield Tech (PK) (USOTC:VYEY)
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