Victory Energy Corporation, a developmental stage petroleum company primarily dedicated to energy-related opportunities, today provided an update on drilling and production progress at its Canyon Sandstone natural gas field in the Texas Permian Basin.
"In the last 14 months, Victory has successfully acquired and drilled eleven producing wells," said Jon Fullenkamp, President and CEO of Victory Energy Corporation. "This has provided the Company with a solid foundation for future growth and production expansion. We intend to complete two Canyon Sandstone wells this quarter and bring them into production. Wells in this same section have shown results as high as 400,000 cubic feet of gas per day."
The well in section 127 has been drilled to 10,000 feet in depth and is scheduled to be logged and tested in a formation of interest below 9,000 feet. The well drilled in section 154-6 is scheduled to be completed as a large horizontal lateral to take advantage of the 40-acre spacing.
Victory Energy Corporation is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.
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