2008-06-12
Victory Energy Plans to Acquire Additional Drilling Capacity
Jun 12, 2008 -- Victory Energy Corporation (OTC BB:VYEY.OB - News) announced today that it is planning to increase available drilling capacity through the purchase of a drilling rig for its in-field gas development project in the Texas Permian Basin.
The company is currently seeking to acquire a rig capable of drilling to 12,000 feet in depth. This capacity would allow in-field drilling of the Ellenburger Dolomite gas zone normally found at 11,500 feet in depth.
Victory's drilling contractor is drilling out the Texas Permian Basin gas field with two drilling rigs. Victory providing an additional rig would allow one rig to set shallow surface casing ahead of two rigs drilling to total depth. This type of utilization would increase the number of wells brought on-line each month.
"Additional drilling capacity added to this project is directly on target with the Corporation's goals to increase production capacity and capitalize on the increased sales price of the natural gas," 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.
Contact:
For information:
Corporate Communications
1-702-989-9735
AI
