Victory Energy Acquires Additional Acreage in Tx. Lightnin' Prospect
Victory Energy Corporation, through its partnership with Aurora Energy Partners, announced the acquisition of a 75 percent working interest (56.25 percent net revenue interest) in the Lightnin' Prospect, a 320 acre position located in Glasscock County, Texas. The acreage is surrounded by production and is prospective in several oil and gas shale zones. Prospective targets include the Cline, Wolfberry (with Wolfcamp & Strawn), Fusselman and horizontal Wolfcamp.
Kenny Hill, Victory Energy's CEO, stated, "This investment is our second acquisition of an unconventional resource play. The size of this prospect and the significantly larger working interest taken by the company are representative of the types of projects we intend to add to our drilling portfolio this year. Companies our size rarely see opportunities with this kind of range and quality. We will be modeling our drilling program on the vertical and horizontal wells in the area that have demonstrated ultimate recovery values ranging from 120,000 and 535,000 barrels of oil equivalent."
Victory Energy paid $480,000 for the acquisition of the acreage, which is covered by 2D seismic data and is surrounded by existing production from the target formations. The project will be operated by Unitex Oil and Gas, L.L.C., out of Midland, Texas. Unitex plans to drill an initial vertical well to test the prospect targets, probably in the fourth quarter of 2012. 40 acre spacing provides adequate acreage for up to eight wells, if successful.
- Victory Energy Takes Stake in New Mexico (Jun 13)
- Victory Energy Expands Exploration Portfolio (Apr 09)
- Victory Energy Acquires Additional Acreage in Tx. Lightnin' Prospect (Mar 27)