Victory Energy Engages Horizontal Drilling Technology for Gas Well
September 15 2008 - 8:00AM
Marketwired
Victory Energy Corporation (OTCBB: VYEY) announced today that
horizontal drilling technology is being used on the next well
currently under development. Drilling began last week on well
V115-7 targeting the Canyon Sandstone gas formation in the
Corporation's gas play in the Texas Permian Basin.
The Canyon Sandstone formation is an excellent candidate for
horizontal drilling due to the thickness and makeup of the
formation. The benefits of horizontal drilling include an increase
in gas recovery efficiency, lower development costs, and a
reduction in drilling expenses, resulting in a potentially higher
return on investment for the Corporation.
A 5,000-foot deep Canyon Sandstone gas well will have a gross
pay zone of approximately 200 feet. Adding a horizontal drill of
approximately 2,000 feet could increase the production from that
zone significantly. Research has demonstrated that utilizing
horizontal drilling can increase natural gas production 5 to 10
times over the life span of a well. Additionally, the time to
produce the higher volume of gas can be drastically shortened.
"The initial vertical well will be drilled through the Canyon
Sandstone formation, after which the well will be logged to provide
the directional drilling engineer the optimum depth to kick the
well off. This will allow the horizontal drill string to intersect
and follow the most productive portion of the target formation.
Although our goal is to drill a 2000 foot lateral, it is
anticipated that we could increase this depending on hole
conditions while the drilling operation is underway," 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)
Historical Stock Chart
From Jun 2024 to Jul 2024
Victory Oilfield Tech (PK) (USOTC:VYEY)
Historical Stock Chart
From Jul 2023 to Jul 2024