Victory Energy Corporation announced that a new drilling rig has been delivered to its drilling contractor for work in the its Canyon Sandstone Gas play located in Crockett County, Texas.
The contractor expects to have the rig completely tested and outfitted with the necessary auxiliary equipment by March 11, 2008. This new rig will be available for the next well Victory has targeted to drill.
Victory will register its petroleum holdings in the state of Texas, to correspond with its quarterly reports. Victory has a 15% carried interest of 74% net revenue interest in each producing well the corporation develops. Victory's interest increases to 25% carried interest of 74% net revenue interest upon payback of the initial drilling investment costs of each well. The corporation has established a financial facility with institutional investors providing drilling funds to Victory for the further development of the Canyon Sandstone Gas field. This facility provides for direct participation by the investors in the production of the completed wells on a case-by-case basis.
"Victory will now have the option to have multiple wells being drilled and completed at the same time, this will increase the momentum the Corporation has already established in Crockett County, Texas," Jon Fullenkamp, president of Victory Energy Corporation, said.
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