Victory Energy Corporation reported that the Corporation has started drilling its first shallow gas well located in the Adams Ranch section of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
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%.
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.
"Victory plans to drill multiple wells in this field, given the positive support financially through institutional investors. This is a major asset for the Corporation and a strategic step in the growth and long term development of shareholder value," stated Jon Fullenkamp, President of Victory Energy Corporation.
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