Victory Energy Corporation announced that the corporation has committed to drill an additional 20 wells in its Canyon Sandstone Gas play located in the Texas Permian Basin.
Victory has received a commitment for the financial backing required to drill an additional 20 wells. Victory's operator will begin construction of the next drilling site, which should be ready by March 17. Once the next drilling site is completed, the rig will be moved into place and drilling will begin.
The Canyon Sandstone Gas 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%.
"Victory is fully committed to the development of this gas field, based upon the economics of returns on the initial investments and the relatively high success rate of commercially viable gas wells from this low risk producing area," stated Victory’s President, Jon Fullenkamp.
As a positive update to current field activities, the first well the corporation drilled and completed is flowing back stimulation fluid at a rate high enough to delay Fesco from conducting its single point test. This indicates excellent porosity and permeability of the gas zone. The corporation will provide these results as they become available. The drilling rig on the second well Victory is drilling is anticipated to reach total depth by March 14.
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