Victory Energy Corporation (OTCBB: VYEY) announced today that well #166-6 has
established itself as an outstanding well coming in at 294,000 cubic feet per
day, 44,000 cubic feet per day higher when compared to an average well's Absolute
Open Flow (AOF) testing. This information is based upon the single point test
results from Fesco. The single point test flow results report the Absolute Open
Flow (AOF) on well #166-6 at 294 MCF per day.
With today's price of natural gas at $9.80 per MCF, and because of the 20%
higher BTU content from the natural gas produced from this field, Victory
receives a 20% bonus in the price of each MCF sold. As a result, Victory earns
a
price 20% higher, or $11.76 per MCF. For a production period of 30 days,
this well has the capability of producing approximately $104,000 in total
revenue per month.
This well and each Canyon Sandstone gas well in this field will produce
approximately 500,000,000 cubic feet of gas for Victory over a 35 year average
production life. A 5,000-foot deep Canyon Sandstone well initially tests at an
average of 250,000 cubic feet of gas per day.
Jon Fullenkamp, President of Victory Energy Corporation, stated, "We are
extremely pleased with the Absolute Open Flow testing of well #166-6. We
are expecting the production results from this well to be exceptional. These
results
are very encouraging to our partners in charge of raising financing for the
continuation of drilling, and just as important the Victory shareholders."
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
readersnot to place reliance on such statements.
For information, please contact:
Corporate Communications
1-702-989-9735
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