Victory, through its partnership with Aurora Energy Partners, announced that the Company has acquired a 5.25% working interest (3.938% net revenue interest) in the North Killarney oil prospect. The prospect is located in Adams County, Mississippi and is scheduled to spud in the next thirty days. Site preparation for the Armstrong "NK" #1 test well began on September 9. The total cost to Aurora through the drilling and testing phase is $20,000.
The prospect is held by a 240 acre lease. The target sand is the McKittrick (Wilcox), with the Sparta being a secondary objective. The McKittrick Sand has high permeability and porosity and can contain as much as 550 barrels of oil ("BO") per acre foot of reservoir, giving the prospect location a maximum potential reserve of 1.5 million BO at a depth of 6,400 feet.
Kenny Hill, Victory Energy's COO, stated, "This acquisition provides further geographic and geologic diversification, and fits with our goal to have at least one wildcat well in the plan at all times. We were attracted to the North Killarney prospect's high reserve potential relative to the cost to drill and test. A successful completion of this initial test well (Armstrong "NK" #1) will also provide the basis to develop additional offset wells on the held acreage. With the Rosenquist and Exuma prospects in Jones County also planned for October, this will be the first time in company history that we have three wells spud in the same month."
The Adams-Wilkinson County basement is a controlled oil producing trend located in the heart of the prolific Wilcox Oil Province, which has produced almost 1 billion barrels of oil from Tertiary age sediments. The North Killarney prospect is located between the Killarney Field (956,000 BO) to the south, and the West Carthage Point Field (450,000 BO) to the north.
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