Victory Energy Corporation Announces Participation in New Oil and Gas Prospect
2011年4月15日 - 12:30AM
Marketwired
As part of its continuing corporate rebuilding strategy, Victory
Energy Corporation (PINKSHEETS: VYEY), through its partnership with
Aurora Energy Partners, today announced the acquisition of a
working interest in the University 6 #1 oil and gas prospect
("Tunis Creek"). The prospect represents the fourth prospect/well
interest acquired by the company in less than 60 days.
The company acquired the prospect from well-known Midland, Texas
based V-F Petroleum Inc., who will also be the operator of the
well. The company acquired a 5 percent working interest (WI) and a
3.75 percent net revenue interest (NRI) and anticipates this well
to spud near the end of April.
The Tunis Creek prospect is located twenty-five miles due east
of Fort Stockton, Texas, in eastern Pecos County, and is surrounded
by significant hydrocarbon shows in all three targeted horizons.
The prospect has been permitted to test the Wichita, Albany,
Wolfcamp and Ellenburger formations.
The prospect is within the Central Basin Platform of the
prolific Permian Basin and is located up dip of a previously
producing oil and gas well. Hydrocarbon delivery infrastructure is
nearby.
The operator plans to drill the Tunis Creek prospect to a total
depth of 7,500 feet. The 1,600 acre lease comprises two sections of
block 20, University Lands survey.
Just over two thirds of a mile to the east-northeast in the same
section, Midwest Oil opened the one-well Renaud & Tunstill
field. That Midwest Oil well (1 University) is down dip of the
Tunis Creek prospect and was completed in 1960. The 1 University
well pumped 248 barrels of 43-degree oil per day from the
Ellenburger formation at 6,810-95 feet. Log tops at the 7,004 feet
discovery included the Wolfcamp at 4,834 feet, Simpson at 5,940
feet, Connell at 6,439 feet and Ellenburger at 6,795 feet.
Production for the 1 University well through 1965 totaled over 20
thousand barrels of oil and 1.65 million cubic feet of casinghead
gas.
Robert Miranda, Victory Energy's chairman and CEO, stated, "We
are thrilled to have added yet another quality corporate
relationship and outstanding oil and gas prospect to our growing
portfolio. The management and exploration team at V-F Petroleum is
well known for delivering outstanding results and we look forward
to a continuing relationship with them. The Tunis Creek prospect
represents another step in our effort to build a large
geographically and geologically diverse portfolio."
About Victory Energy Corporation Victory
Energy Corporation is engaged in the exploration, acquisition,
development, and exploitation of oil and gas properties. The
company endeavors to utilize its broad range of oil and gas
industry relationships to acquire small interests in a large volume
of low- to moderate-risk oil and gas prospects. A cornerstone of
this strategy is an emphasis on developing and maintaining
relationships with proven, well established oil and gas exploration
and development companies.
Prospect acquisitions are ideally weighted toward oil, although
natural gas projects with high btu content, favorable above-market
pricing and modest decline rates will also be targeted. Targeted
prospects generally provide the company with a rapid return of
capital while offering multiple well locations for additional
drilling on an established trend. The model asset portfolio is
geologically and geographically diversified. The company's current
producing oil and gas assets are located in the United States.
For more information, please visit our website
http://www.vyey.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.
Add to Digg Bookmark with del.icio.us Add to Newsvine
CONTACT: Robert J. Miranda Chairman and Chief Executive Officer
714.480.0305 Investor Relations 714.227.0391
Victory Oilfield Tech (CE) (USOTC:VYEY)
過去 株価チャート
から 9 2024 まで 10 2024
Victory Oilfield Tech (CE) (USOTC:VYEY)
過去 株価チャート
から 10 2023 まで 10 2024