Victory Energy Corporation, through its partnership with Aurora Energy Partners, announced the addition of the Chapman prospect to the company's rapidly growing portfolio of new exploration projects. This 3D seismic controlled prospect targets non-pressured Frio sands (Oligocene) in the Chapman Ranch Field located in Nueces County, Texas approximately 12 miles south of Corpus Christi. The first well is scheduled for drilling in late April 2012 and with success a second well will be drilled shortly thereafter.
Kenny Hill, Victory Energy's CEO, stated, "The Chapman Ranch prospect has a compelling geologic profile supported by 3D seismic data. Furthermore, our prospect is updip from multiple producing wells which had initial flow rates between 150 and 250 barrels of oil per day. Based on the seismic data, evidence from existing wells, and our own internal analysis, we estimate that a successful well on this 240 acre prospect could contain 180,000 barrels of recoverable oil and 265 million cubic feet of natural gas."
The operator will be Mohican Operating, LLC, who is also a working interest partner in the well. Total drilling and completion costs to the Company's interest are expected to be approximately $78,000 through the first well.
Victory acquired a 5% working interest (3.75% NRI) in the prospect.
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