Newport Beach, CA, March 14, 2011 – Victory Energy Corporation (VYEY.PK), today announced, as part of a continuing expansion of the company’s Jones County Texas Oil play, and through its partnership with Aurora Energy Partners, the company has acquired an interest in a second oil producing well. The producing well is part of a 320 acre lease named The White Unit. The White #1 well is currently producing nearly 30 barrels of oil and 100 thousand cubic feet (mcf) of natural gas per day from the Caddo formation.
A second well location on this unit has been identified and is being scheduled for drilling. The White #2 location is up-dip and 3-D seismic supported. The company will announce further details regarding this well when they are available.
Robert Miranda, Victory Energy's chairman and interim CEO, stated, "The White #1 represents the second successfully completed well from the Jones County oil play. We are pleased to be a part of such a winning endeavor and look forward to the ongoing development opportunities available to us in Jones County."
Jones County Oil Trend Holdings
Unit Name |
Wells Envisioned |
Wells Spud |
Wells Completed |
WI |
NRI |
Young |
Four (4) |
One (1) |
One (1) |
2.5% |
1.875% |
White |
Two (2) |
One (1) |
One (1) |
1.5% |
1.18% |
About the Jones County Oil Trend
The Jones County oil trend is part of an agreement entered into with C.O. Energy, LLC and Marshall R. Young Oil Co. The prospective area covers Jones County, Texas. The operator, C.O. Energy, envisions drilling one to two wells per month until the targeted area is fully developed. Victory maintains a thirty (30) day first right of refusal to participate in each development well.
About Victory Energy Corporation:
Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas.
Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
There are forward-looking statements contained in this news release. They use such words as “intend,” “will,” “may,” “expect,” “believe,” “plan,” or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company’s strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company’s control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company’s customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company’s overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company’s executive officer; adverse developments in and increased or unforeseen legal costs related to the Company’s litigation; the success of the Company’s strategic partnerships and joint venture relationships; the Company’s ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company’s news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
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