Victory, through its partnership with Aurora Energy Partners, announced a 49% acreage expansion at its Tunis Creek project located in Pecos County, Texas and the designation of the University "6" #1 well as a "discovery well" by the Railroad Commission of Texas.
The 49% acreage expansion was concluded on September 21, 2011 with the lease of two blocks totaling 797.7 acres from University Lands. The field is now 2,397.7 acres in size.
Following the discovery designation, the Railroad Commission of Texas also approved the renaming of the Tunis Creek project area to the "Bootleg Canyon (Ellenberger) Field".
A field development plan is currently being completed to address well spacing, among other things. Additional information regarding a potential multi-well development plan will be provided following the adoption of Field Rules by the Railroad Commission of Texas.
Kenny Hill, Victory Energy's COO, stated, "The University '6' #1 well began flowing oil on June 25th and has continued to do so since that time. Sustained flow tests to evaluate bottom-hole pressure and to develop optimal flow rates for this well have continued. As mentioned shortly after the first wells completion, very preliminary testing of the total Ellenburger formation indicates that oil reserves could exceed pre-drilling estimates of 500,000 barrels. These preliminary flow tests were performed using the wells natural bottom-hole pressure and was limited to the lower 20 percent of the Ellenburger formation in the wellbore. We have commissioned an SEC qualified reserve report and will release that information as soon as it becomes available."
Victory Energy, through its partnership with Aurora Energy Partners, holds a 5 percent working interest and a 3.75 percent net revenue interest in this oil focused prospect.
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