Victory Energy Production and Drilling Continue to Expand
May 27 2008 - 8:00AM
Marketwired
CARSON CITY, NV announced today that its drilling contractor
will be ready to set surface casing on the deep well, Victory's
eleventh well, targeting the Strawn Limestone gas zone by June 2nd.
This well is in the Corporation's Crockett County gas play located
in the Texas Permian Basin.
The stimulation treatment for Victory's tenth well is scheduled
for May 29. It is anticipated that this well will be producing gas
into the production transmission line by June 19.
The logs for Victory's ninth well show a shallow oil zone of
interest. A rig will be moved onto the well site this week and the
zone perforated. After a sample of oil has been collected, it will
be delivered to an engineering firm to determine a suitable
stimulation treatment.
Victory's seventh and eighth wells are now online and producing.
Revenues from these wells will be realized in June. The Crockett
County field operator for Victory reports the first six gas wells
are producing as expected and inline with historical information
for this field.
"We are pleased with the progress made in our Canyon Sandstone
natural gas play, and uniquely interested in the shallow oil zone
which is evident in the ninth well. Should the zone be commercially
productive, we have the option of producing this zone and drilling
an offset gas well, or producing the oil for a period of time and
coming back to the lower natural gas zone at a later date," 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.
Contact: For information, please contact: Corporate
Communications 1-702-989-9735
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