Victory has redefined its initial letter of intent for the Palo Duro Basin Prospect to include Stable Resources LLC as one of the partners in the Prospect. Stable Resources will act as the operator on Victory's behalf during the drilling, completion, and production of the properties.
In return, Victory will receive fifty per cent (50%) of the net working interest on approximately 10 sections of land. During the evaluation of the drilling targets and including the time to drill the first 3 wells, Victory and its partners intend to lease up to a total of one hundred thousand acres of property in the Palo Duro Basin.
"Within one hundred thousand leased acres, it is estimated that there could be as many as 1,000 target or Reef deposits in the Palo Duro Basin. Each of the Reef deposits, according to the geological documentation, could have as high as 500,000 barrels of recoverable oil," stated Jon Fullenkamp, President of Victory Energy Corporation.
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