Victory Ponders Horizontal Drilling Tech for Gas Wells
Wednesday, June 25, 2008
Victory Energy Corporation announced that it has engaged consultants, industry experts in horizontal drilling technology, for the Canyon Sandstone formation. The horizontal drilling evaluation is for the Corporation's gas play in the Texas Permian Basin.
The consultants are optimistic that horizontal drilling can be successfully adopted for the Canyon Sandstone formation due to the similarities between this formation and other successful horizontal drilling projects. The benefits of horizontal drilling are significant and include an increase in gas recovery efficiency, lower development costs, and a reduction in drilling expenses.
A 5,000-foot deep Canyon Sandstone gas well will have a pay zone of approximately 200 feet. Adding a horizontal drill of approximately 2,000 feet will increase the production from that zone significantly.
"We will test horizontal drilling on the next Canyon Sandstone gas well we drill," said Jon Fullenkamp, President of Victory Energy Corporation. "Based upon the analysis provided by the consultants, horizontal drilling could take this gas play to the next level and far surpass our production expectations."