Victory Energy Provides Update on Natural Gas Drilling and Production
December 31 2008 - 6:00PM
Marketwired
Victory Energy Corporation (OTCBB: VYEY), a developmental stage
petroleum company primarily dedicated to energy-related
opportunities, today provided an update on drilling and production
progress at its Canyon Sandstone natural gas field in the Texas
Permian Basin.
Jon Fullenkamp, President of Victory Energy Corporation, stated,
"We are pleased with the progress of our nine producing Canyon
Sandstone gas wells. All are producing natural gas in accordance
with historical information from the gas field. While the initial
outcome at our first deep Strawn well was not as anticipated, we
will continue the drilling as a large horizontal well. We have
successfully negotiated with our drilling contractor who has
conceded to work within our agreement."
The first deep Strawn well (V154-6) was drilled to approximately
12,000 feet in depth when the drill string was lost in the well
bore, requiring the well to be plugged back to the Canyon Sandstone
formation at approximately 5,200 feet. Based on this development
and the site's broad 40 acre spacing, the decision has been made to
complete (V154-6) as a large horizontal well. The drilling
contractor has discounted the horizontal drilling fee by
approximately 50% of the cost of a standard horizontal well and has
agreed to drill a replacement deep Strawn well during 2009 at no
additional cost to Victory Energy.
The second deep Strawn well (V-127) is an immediate offset to
the first deep well. The Corporation anticipates similar strong
natural gas shows from this well in the Strawn formation at
approximately 12,500 feet. The drilling rig to take the well to the
target depth of 12,500 feet is due to arrive on location before the
end of the first quarter of 2009.
The horizontal laterals to be drilled in two other wells (V153-8
and V115-7) targeting the Canyon Sandstone formation at
approximately 5,200 feet, will commence as rig availability
permits. The Corporation is actively seeking a qualified horizontal
drilling expert to be on location during execution of the lateral
drill.
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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