Victory Energy Initiates Drilling 9th Gas Well
March 17 2008 - 8:00AM
Marketwired
CARSON CITY, NV announced today that it has started drilling the
3rd gas well, bringing the total wells to 9 that the Corporation
has in its gas play, located in the Texas Permian Basin.
The new drilling rig started drilling the 9th well for Victory
on Friday, March 14. Victory's target zone for this well is the
Canyon Sandstone gas zone. The Canyon Sandstone formation is found
at a depth of 4,300 feet to 4,900 feet. Initial production for
these gas 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%.
Well 166-6 has decreased the amount of stimulation water it is
flowing back during a 24-hour period; it is now dry enough to have
the single point test conducted. Fesco has been scheduled to
conduct the single point test on March 20; test results should be
available by March 24.
Well 166-8 currently being drilled reached a total depth
overnight of approximately 5,000 feet. The logging crew is on
stand-by while the drilling crew conditions the hole for the
logging tool. Logs will be available by March 18 for zone
evaluation. Victory will evaluate the results of these logs to
determine how deep to set casing and where to perforate the
production zone.
"With the new drilling rig now in service, we are on track to
drill a minimum of two wells each month. By maintaining a
consistent program at this level with two drilling rigs running
around the clock, we can evaluate an expansion of the drilling
program and add additional rigs and the resources required to
support them," 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.
For information, please contact: Corporate Communications
1-702-989-9735
Victory Oilfield Tech (PK) (USOTC:VYEY)
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