Victory Energy Gas Wells Continue on Target
Jun 9, 2008 08:02:57 (ET)
CARSON CITY, NV, Jun 09, 2008 (MARKET WIRE via COMTEX) -- Victory Energy Corporation (VYEY, Trade ) announced today that the drilling contractor has reached a depth of 1,040 feet and is ready to set surface casing on this next Canyon Sandstone gas well. This is Victory's twelfth well and is located in the Corporation's Crockett County gas play in the Texas Permian Basin.
Victory's eleventh well, a deep Strawn Limestone gas well, is currently drilling at a depth of 7,010 feet. After the drill bit is changed, drilling will continue down to approximately 9,500 feet where the Strawn Limestone zone is located.
Completion of Victory's tenth well occurred on June 1st. A swabbing unit was brought onto the well site and has begun swabbing back the stimulation fluid. The well has been tied into the production transmission line and the single point test will be run on the well by June 30th to determine its initial production.
The oil sample collected on Victory's ninth well was delivered to Weatherford's engineering division for testing. Results and their recommendation to determine a suitable stimulation treatment are expected by June 12th.
Victory's other eight wells are online and producing. The field operator for Victory reports that these gas wells are inline with historical production information for this field.
"We are excited about the progress on our deep Strawn Limestone well, as there was a good show of natural gas in the Canyon Sandstone zone at 4,950 feet. This is important as it is protects our investment in this well as the Canyon Sandstone zone can always be produced," stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation ( 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:
Corporate Communications
1-702-989-9735
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