Victory Energy Corporation announced that it has acquired an additional oil and gas lease consisting of 640 acres. This acreage is contiguous to and expands the Corporation's current gas play in the Texas Permian Basin.
The acreage contains 60 potential drill sites consisting of Ellenburger Dolomite, Strawn Limestone, Canyon Sandstone, and Wolfcamp formations. This allows for stacking behind the pipe reserves to be produced at a later time. Behind-pipe reserves are reserves that are expected to be recovered from zones in existing wells. This may require additional completion work or future recompletion prior to the start of production from an existing well bore.
"Acquiring this oil and gas lease saves the Corporation $100,000 in drill site fees per well, totaling $6 million over the 60 wells," said Jon Fullenkamp, President of Victory Energy Corporation. "We will continue to expand our holdings in this gas play, as it is the cornerstone for revenues of the Corporation."
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