VTYC: Victory Engages in Joint Venture Negotiation for 7,000 Acres
Friday March 24, 2:12 pm ET
LOS ANGELES, CA--(MARKET WIRE)--Mar 24, 2006 -- Victory Capital Holdings Corporation (OTC BB:VTYC.OB - News) announced today it is negotiating a joint venture agreement for approximately 7,000 acres in Pawnee County, Oklahoma with TD Energy, LLC of Tulsa Oklahoma.
Pawnee County is bordered to the north by Osage County, Tulsa County to the southeast, Creek County to the south, Payne County to the southwest, and Noble County to the West. Osage County is of importance due to the discovery and completion of a delineation well that initially flowed 348 barrels of oil per day.
The prospect in Pawnee County is referred to as the Skedee Oil & Gas Development Project and is located in the western portion of the Cherokee Basin. The Cherokee Basin has had 844 wells produce over 45 billion cubic feet of gas over 9 years. The outlook for increased gas production is very good from the Basin as well as some discoveries for oil production are currently being tested.
TD Energy. LLC is an independent oil and gas producer in Okfuskee and Pawnee Counties Oklahoma. TD Energy was instrumental in discovering certain Prue, Gilcrease, Red Fork and Penn Unconformity zones in Okfuskee, County. These fields have proven to be highly successful for TD Energy.
"There are several things we like about this prospect, the economics are good, the regulatory environment is favorable and the transportation network is established. More importantly this prospect diversifies Victory into natural gas as the Skeede Oil & Gas Development Project has excellent potential for natural gas production. The initial thrust for Victory's oil production is in the Glasgow prospect," stated Jon Fullenkamp CEO of Victory Capital Holdings.
About Victory Capital Holdings Corp: Victory Capital Holdings Corporation (http://www.vtyc.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.