Victory Energy Reports Setting Pipe On Ninth Well
Victory Energy Corporation announced that pipe has been set on the ninth well in the Canyon Sandstone gas play located in the Texas Permian Basin.
The drilling contractor reached total depth of 5,170 feet last Friday evening. After pulling drill string out of the hole, the logging crew logged the well Saturday morning. Following a favorable review and evaluation of the logs, the decision was made to set pipe across the Canyon Sandstone gas zone. The drilling rig ran 4.5 inch casing to total depth, and it was cemented into place Saturday night. This ninth well will be recorded as well #166-3 in the records of Crockett County, Texas.
Once the drilling rig is moved off of this location, plans will be implemented to stimulate and complete both well #166-8 and well #166-3 on the same day. This frac stimulation job will be completed by April 16.
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, "Investment into the Canyon Sandstone gas play has continually exceeded our expectations. This news regarding the ninth well is no exception as evidenced by the logs. 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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