Victory Energy Corporation announced today that it is planning to increase available drilling capacity through the purchase of a drilling rig for its in-field gas development project in the Texas Permian Basin.
The company is currently seeking to acquire a rig capable of drilling to 12,000 feet in depth. This capacity would allow in-field drilling of the Ellenburger Dolomite gas zone normally found at 11,500 feet in depth.
Victory's drilling contractor is drilling out the Texas Permian Basin gas field with two drilling rigs. Victory providing an additional rig would allow one rig to set shallow surface casing ahead of two rigs drilling to total depth. This type of utilization would increase the number of wells brought on-line each month.
"Additional drilling capacity added to this project is directly on target with the Corporation's goals to increase production capacity and capitalize on the increased sales price of the natural gas," said Jon Fullenkamp, President of Victory Energy Corporation.
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