Victory Energy Corporation announced that well #166-6 has established itself as an outstanding well coming in at 294,000 cubic feet per day, 44,000 cubic feet per day higher when compared to an average well's Absolute Open Flow (AOF) testing. This information is based upon the single point test results from Fesco.
The single point test flow results report the Absolute Open Flow (AOF) on well #166-6 at 294 MCF per day.
With today's price of natural gas at $9.80 per MCF, and because of the 20% higher BTU content from the natural gas produced from this field, Victory receives a 20% bonus in the price of each MCF sold. As a result, Victory earns a price 20% higher, or $11.76 per MCF. For a production period of 30 days, this well has the capability of producing approximately $104,000 in total revenue per month.
This well and each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35 year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.
Jon Fullenkamp, President of Victory Energy Corporation, stated, "We are extremely pleased with the Absolute Open Flow testing of well #166-6. We are expecting the production results from this well to be exceptional. These results are very encouraging to our partners in charge of raising financing for the continuation of drilling, and just as important the Victory shareholders."
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