Victory Energy Evaluates Horizontal Drilling Technology for Gas Wells
June 25 2008 - 8:00AM
Marketwired
CARSON CITY, NV announced today it has engaged consultants,
industry experts in horizontal drilling technology, for the Canyon
Sandstone formation. The horizontal drilling evaluation is for the
Corporation's gas play in the Texas Permian Basin.
The consultants are optimistic that horizontal drilling can be
successfully adopted for the Canyon Sandstone formation due to the
similarities between this formation and other successful horizontal
drilling projects. The benefits of horizontal drilling are
significant and include an increase in gas recovery efficiency,
lower development costs, and a reduction in drilling expenses.
A 5,000-foot deep Canyon Sandstone gas well will have a pay zone
of approximately 200 feet. Adding a horizontal drill of
approximately 2,000 feet will increase the production from that
zone significantly.
"We will test horizontal drilling on the next Canyon Sandstone
gas well we drill. Based upon the analysis provided by the
consultants, horizontal drilling could take this gas play to the
next level and far surpass our production expectations," stated Jon
Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (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: Corporate Communications 1-702-989-9735
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