Victory Announces New Mexico Well Results
Victory Energy Corp. on Tuesday said that the Mesa #1 well in New Mexico in which is it participating has discovered two shallow Permian Aged Gas Sands at 1340' - 1370' and from 1875' - 1940' for a total of 95' of pay. Both intervals exhibited good drilling rates and gas shows that increased while drilling and were logged as gas-bearing.
Production testing will commence after the casing, set to 7000' to test the Granite Wash, has been recovered. The Granite Wash had non-commercial gas.
Victory Energy is participating with its partners in 11,300 net acres in New Mexico on a structure that was identified as natural gas-bearing. Additional natural gas wells will be drilled on 160-acre spacing, and when sufficient reserves are proven, a pipeline will be built by a third party.
"A great deal has been learned about the geology of this area. It is an advantageous area due to the lower cost of drilling shallow wells with the increasing prices of natural gas. This translates into greater revenue returns on our investments," stated Jon Fullenkamp, President of Victory Energy.
Victory Energy Corp. is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities.
- 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)