Victory Energy Corporation (OTCBB: VYEY) announced today that it has scheduled
to drill a deep gas well targeting the Strawn Limestone and the Ellenburger
Dolomite natural gas zones in its gas play, located in the Texas Permian
Basin.
Victory will drill a deep Strawn Ellenburger gas well following the drilling
and completion of its tenth Canyon Sandstone gas well located in Texas
Permian Basin. "With two rigs drilling around the clock, two Canyon Sandstone
gas wells can be completed every thirty days. This should place the deep well
test to start drilling mid to late July 2008," according to Jon Fullenkamp,
President of Victory Energy Corporation.
Offset wells located in the same deep trend that Victory has targeted for
its
deeper wells are producing approximately 2.5 million cubic of gas per day.
At today's price for natural gas, $9.20 per MCF, equates to $23,000 revenue per
day per well.
The Strawn Limestone gas zone will produce approximately 1.5 BCF and the
Ellenburger Dolomite gas zone will produce approximately 5.0 BCF, over an
average life span of 30 years. The Strawn zone is usually found at 9,000
to9,800 feet, while the depth of the Ellenburger zone is between 10,500 and
11,500 feet.
Assignment of Victory Energy Corporation's ownership in six (6) producing
gas wells
in the Texas Permian Basin, acquired at the end of 2007, is in process to be
registered with the State of Texas. This assignment of ownership will
include wells 166-6, 166-8, and 166-9, making nine (9) the total number of
wells to be registered. All of the wells will be registered under
Production Resources, Incorporated, a wholly owned subsidiary of Victory Energy
Corporation. This registration process is anticipated to be completed during
the second quarter of 2008 and reported in the Corporation's quarterly report
for
that period.
The single point test is scheduled for Well 166-6 on Thursday, March 20, and
test results should be available by March 24, 2008.
Pending logging results on well 166-8, Victory will use the results to
determine how deep to set casing and where to perforate the production zone.
Drilling on well 166-9 is proceeding normally and drilling operator is
prepared to set surface casing by March 20.
"We are very encouraged by what we are seeing in the drilling of wells six
through nine. Based upon production numbers, it is anticipated that the next
20 wells will produce in the same manner. This could mean substantial revenues
to
the Company and added shareholder value," 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
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