Victory Energy Acquires Additional Oil & Gas Lease
June 30 2008 - 8:00AM
Marketwired
CARSON CITY, NV announced today it has acquired an additional
oil and gas lease consisting of 640 acres. This acreage is
contiguous to and expands the Corporation's current gas play in the
Texas Permian Basin.
The acreage contains 60 potential drill sites consisting of
Ellenburger Dolomite, Strawn Limestone, Canyon Sandstone, and
Wolfcamp formations. This allows for stacking behind the pipe
reserves to be produced at a later time. Behind-pipe reserves are
reserves that are expected to be recovered from zones in existing
wells. This may require additional completion work or future
recompletion prior to the start of production from an existing well
bore.
"Acquiring this oil and gas lease saves the Corporation $100,000
in drill site fees per well, totaling $6 million over the 60 wells.
We will continue to expand our holdings in this gas play, as it is
the cornerstone for revenues of the Corporation," 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.
Contact: For information: Corporate Communications
1-702-989-9735
Victory Oilfield Tech (PK) (USOTC:VYEY)
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