Victory Energy Corporation announced that the Corporation has brought two new wells online in its Canyon Sandstone gas play located in the Texas Permian Basin.
On Friday stimulation work for wells #166-8 and #166-3 was successfully completed. Both wells were frac'd with stimulation jobs designed using computer modeling based upon characteristics for these types of wells. Computer modeling is utilized to provide superior production performance of Canyon Sandstone gas wells. A work-over rig has been moved onto location to begin swabbing back the stimulation fluid that had been pumped into the formation. It is anticipated that the wells will kick off and flow on their own by April 21st. Once the wells have produced back enough of the stimulation fluid where it will not interfere with production testing, the single point production test will be conducted and completed by May 20th.
The drilling contractor is drilling the tenth well for Victory, #166-12. The contractor reports drilling is progressing as expected and the rig should reach total depth to the target zone, the Canyon Sandstone gas zone, by April 30th.
"Our plan upon completion of the tenth well is to prepare to drill a deep well targeting the Strawn Limestone zone. A deep Strawn Limestone gas well will take this particular project to the next level, providing potentially higher levels of returns for the investors and our shareholders," stated Jon Fullenkamp, President of Victory Energy Corporation.
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. A Strawn Limestone gas zone will produce approximately 1.5 BCF over an average life span of 30 years. The Strawn zone is usually found at 9,000 to 9,800 feet.
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