Carson City, Nevada. March 5, 2008. Victory Energy Corporation (OTCBB:VYEY - News) announced today that the Corporation has committed to drill an additional 20 wells in the Corporation’s Canyon Sandstone Gas play located in the Texas Permian Basin.
Victory has received a commitment for the financial backing required to drill an additional 20 wells. The Operator for Victory will immediately begin construction of the next drilling site, which should be rig ready by March 17. Once the next drilling site is completed, the drilling rig will be moved into place and begin drilling.
The Canyon Sandstone Gas formation is found at a depth of 4,300 feet to 4,900 feet. Initial production for these wells is approximately 250,000 cubic feet of gas per day per well. The success rate for commercially producing gas wells in this area is over 97%.
“Victory is fully committed to the development of this gas field, based on the economics and returns on the initial investments and the relatively high success rate of commercially viable gas wells from this low risk producing area. ” stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (http://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, please contact:
Corporate Communications
1-702-989-9735 |
