Victory Energy Continues Gas Field Development with Well #166-8
Victory Energy Corporation has secured additional natural gas production and has set pipe on well #166-8, a Canyon Sandstone natural gas well, located in the Texas Permian Basin.
After strong shows of gas while drilling through the target zone, evidenced by the gas flare at surface, the well was logged. Logs on well #166-8 show an excellent potential commercial production zone, equal to the more productive wells in the area. Pipe was set at approximately 5,000 feet Saturday. This well will be fractured with a down-hole stimulation process by April 11, 2008. Initial production for an average Canyon Sandstone gas well is approximately 250,000 cubic feet of gas per day.
Assignment of Victory Energy Corporation's ownership in six (6) producing gas wells in the Texas Permian Basin, acquired at the end of 2007, is in the registration process with the State of Texas. This assignment of ownership will include wells 166-6, 166-8, and 166-9, making nine (9) the total number of wells to be registered. All of the wells will be registered under Production Resources, Incorporated, a wholly owned subsidiary of Victory Energy Corporation. This registration process is anticipated to be completed during the second quarter of 2008 and reported in the Corporation's quarterly report for that period.
The single point test for well #166-6 was completed on Thursday, March 20; test results should be available by March 27, 2008. The recent delay in completion of the single point test has been due to inclement weather conditions.
Drilling on well #166-9 is proceeding normally. The drilling operator has set surface casing and the rig is now continuing to drill down to approximately 5,000 feet to the Canyon Sandstone natural gas zone.
"With the successful drilling of well #166-8, our rate of success is eight (8) for eight (8) wells, all of which are commercially productive. This goes hand in hand with the historical success rate of the area, which has been tracked at over 97%. We are extremely encouraged with the results of this play as it is strategic to the growth of the Corporation and development of shareholder value," stated Jon Fullenkamp, President of Victory Energy Corporation.
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