Victory Energy Corporation (OTCBB: VYEY) announced today that pipe has been
set on the ninth well in the Canyon Sandstone gas play located in the Texas
Permian Basin.
The drilling contractor reached total depth of 5,170 feet last Friday
evening.
After pulling drill string out of the hole, the logging crew logged the well
Saturday morning. Following a favorable review and evaluation of the logs,
the decision was made to set pipe across the Canyon Sandstone gas zone. The
drilling rig ran 4.5 inch casing to total depth, and it was cemented into place
Saturday night. This ninth well will be recorded as well #166-3 in the
records of Crockett County, Texas.
Once the drilling rig is moved off of this location, plans will be
implemented to stimulate and complete both well #166-8 and well #166-3 on
the same day. This frac stimulation job will be completed by April 16.
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, "Investment
into
the Canyon Sandstone gas play has continually exceeded our expectations.
This news regarding the ninth well is no exception as evidenced by the logs.
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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