Victory Energy Corporation reported that the drilling on its first shallow gas well should reach total depth later today. This well is located in the Adams Ranch section of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
"Upon reaching total drilling depth through our target, the Canyon Sandstone zone, the well will be logged, casing run and cemented into place. This should be completed by Wednesday. We intend to move immediately onto our next drilling site which is already prepared and waiting for the drilling rig to move on," stated Jon Fullenkamp, President of Victory Energy Corporation.
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.
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%.
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