American Petro-Hunter has reported on the recently completed 3D Seismic reprocessing and interpretation of the survey on the Victory Gas Project.
Victory is located approximately 20 miles south of the city of Sacramento and is within the "Eastside Stratigraphic Trend" along the southern edge of the Sacramento Valley within a region containing highly productive gas reservoirs accounting for over 400 BCF of gas produced to-date.
American Petro-Hunter has completed a review of the 3D seismic data in conjunction with the operator whose engineers have concluded that there is a well-defined AVO anomaly from three sand formations with a cumulative thickness of 54 feet that appear as probable gas bearing zones. Based on this reprocessed data, the total gas from the first pool is estimated at 3.567 BCF with an additional 1.0 BCF from a separate pool. The total potential of Victory is 4.67 BCF. The engineers have concluded that the excellent quality of the data in combination with a comparative assessment of the analog pools in the vicinity suggests this target has a relatively low risk, high probability for success.
The operator is finalizing preparations for the first well location and will advise the Company as plans for the spud date proceed towards a currently anticipated date in August. Given that the well is only 1/3rd of a mile from the pipeline, a connection for gas sales would require minimal cost with little effort, thereby generating revenues very expeditiously. The Company believes that in the event a commercial gas well is completed, a projected initial production rate (I.P.R.) of 2,000 to 4,000 MCF per day is achievable. Based on the Company's 25% working interest, this could net between 500 and 1,000 MCF per day by Q4 2009.
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