Victory Energy Corporation reported that the Corporation has started drilling its next Canyon Sandstone gas zone well. This well is located in the Adams Ranch section of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
"The drilling contractor has started drilling the next gas well for Victory, ahead of the original projected start date of February 10. The stimulation/fracturing of the well we just set pipe on is slated to be completed by the third week of February," 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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