New spam hit my inbox from VYEY today; got TWO of these:
Victory Energy Sets Production Pipe on Gas Well Monday February 4, 9:00 am ET
CARSON CITY, NV--(MARKET WIRE)--Feb 4, 2008 -- Victory Energy Corporation (OTC BB:VYEY.OB - News) announced today its drilling contractor has set production pipe to the Canyon Sandstone gas zone for the well drilled this past week. This well is located in the Adams Ranch section of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
"The drilling rig reached total depth Friday, log results of the well show excellent commercial potential in the target production zone. The stimulation/fracture work has already been scheduled to bring the well into production. It is anticipated that this process will be completed by the third week in February."
"The contractor will begin drilling the next well immediately upon the relocation of the drill rig to the Corporation's next well site, anticipated drilling date is February 10th," stated Jon Fullenkamp, President of Victory Energy Corporation.
The Company has established a financial facility with institutional investors providing drilling funds to the company for the further development of the Adams ranch properties. This facility provides for direct participation by the investors in the production of the completed wells.
The "Canyon Sandstone" gas zone located on this ranch is part of the large prolific Adams-Baggett Canyon Sandstone gas field. The Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet. Initial production for these wells is approximately 250,000 cubic feet of gas per day per well. The success rate for commercially producing gas wells in this area is over 97%.
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