Victory Energy Reports Well Comes in at 20% Higher Than Average Production

CARSON CITY, NV announced today that well #166-6 has established itself as an outstanding well coming in at 294,000 cubic feet per day, 44,000 cubic feet per day higher when compared to an average well's Absolute Open Flow (AOF) testing. This information is based upon the single point test results from Fesco. The single point test flow results report the Absolute Open Flow (AOF) on well #166-6 at 294 MCF per day.

With today's price of natural gas at $9.80 per MCF, and because of the 20% higher BTU content from the natural gas produced from this field, Victory receives a 20% bonus in the price of each MCF sold. As a result, Victory earns a price 20% higher, or $11.76 per MCF. For a production period of 30 days, this well has the capability of producing approximately $104,000 in total revenue per month.

This well and each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35 year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.

Jon Fullenkamp, President of Victory Energy Corporation, stated, "We are extremely pleased with the Absolute Open Flow testing of well #166-6. We are expecting the production results from this well to be exceptional. These results are very encouraging to our partners in charge of raising financing for the continuation of drilling, and just as important the Victory shareholders."

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)
Historical Stock Chart
From Jun 2024 to Jul 2024