Victory Energy Corporation Announces Additional Acreage Acquired at Jones County Oil and Gas Play
2011年3月24日 - 11:00PM
Marketwired
Victory Energy Corporation (PINKSHEETS: VYEY), through its
partnership with Aurora Energy Partners, today announced that an
additional 489 acre development unit ("The New Hope Unit") has been
acquired at its rapidly expanding Jones County oil and gas play.
This additional development unit represents the third acquisition
since the company announced its participation on February 22, 2011.
Robert Miranda, Victory Energy's chairman and interim CEO,
stated, "We are very pleased with the quality of work and 3-D
seismic supported locations that are being provided by the operator
and we look forward to a continued expansion of the project. This
unit and the two previously announced development units have
provided the company with two successful oil and gas wells in less
than forty-five days. We look forward to the continued
success."
Jones County Oil Trend Holdings
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Unit Name Wells Envisioned Wells Completed WI NRI
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Young Four (4) One (1) 2.5% 1.875%
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White Two (2) One (1) 1.5% 1.180%
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New Hope Ten (10) Zero (0) 1.5% 1.228%
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The New Hope unit holds a recently drilled test well that
targeted the Swastika sand. This formation produced over 500,000
barrels of oil from the nearby Glenn Thomas Field. The New Hope #1
test well was drilled to target depth on March 14th and encountered
30' of highly porous Swastika sand. It's now believed that
additional target sands are available, therefore, the company has
begun a seismic data reprocessing project to aid in more precisely
pinpointing additional drilling locations in all three units.
About the Jones County Oil Trend The Jones
County oil trend is part of an agreement entered into on February
22, 2011 with C.O. Energy, LLC and Marshall R. Young Oil Co. The
prospective development area covers Jones County, Texas and is
supported by eighty two (82) square miles of 3-D seismic data. The
operator, C.O. Energy, envisions drilling one to two wells per
month until the targeted area is fully developed. Victory Energy
maintains a thirty (30) day first right of refusal to participate
in each development well.
About Victory Energy Corporation Victory
Energy Corporation is engaged in the exploration, acquisition,
development, and exploitation of oil and gas properties. The
company's current producing assets are located in the state of
Texas. Victory Energy seeks to identify proven development
prospects, conduct thorough geological and engineering evaluations
and then target suitable farm-in partners for long term development
of additional prospects.
For more information, please visit our website
www.victoryenergyoilandgas.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 There are
forward-looking statements contained in this news release. They use
such words as "intend," "will," "may," "expect," "believe," "plan,"
or other similar terminology. These statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results to be materially different than those expressed or
implied in such statements. These factors include, but are not
limited to: risks associated with the implementation of the
Company's strategic growth plan; legislation and government
regulation including the ability to obtain satisfactory regulatory
approvals; conditions beyond the Company's control such as weather,
natural disasters, disease outbreaks, epidemics or pandemics
impacting the Company's customer base or acts of war or terrorism;
availability and cost of materials and labor; demand for natural
gas; cost and availability of capital; competition; the Company's
overall marketing, operational and financial performance; economic
and political conditions; the continued service of the Company's
executive officer; adverse developments in and increased or
unforeseen legal costs related to the Company's litigation; the
success of the Company's strategic partnerships and joint venture
relationships; the Company's ability to pay certain debts; adoption
of new, or changes in, accounting policies and practices; adverse
court rulings; results of other litigation in which the company is
involved; and other factors discussed from time to time in the
Company's news releases, public statements and/or filings with the
Securities and Exchange Commission. Forward-looking information is
provided by Victory Energy Corporation pursuant to the safe harbor
established under the Private Securities Litigation Reform Act of
1995 and should be evaluated in the context of these factors. In
addition, the Company disclaims any intent or obligation to update
these forward-looking statements.
CONTACT: Robert J. Miranda Chairman and Interim Chief Executive
Officer 714.480.0305 Investor Relations 714.227.0391
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