Victory Energy Provides Market Update for Tunis Creek Prospect
2011年5月20日 - 4:10AM
Marketwired
Victory Energy Corporation (PINKSHEETS: VYEY), through its
partnership with Aurora Energy Partners, today announced that its
recently acquired Tunis Creek oil and gas prospect has reached a
drilling depth of 6,855 feet and is on schedule. The well spud on
April 22, 2011 and has a target depth of 7,500 feet.
Two of the three target formations have been reached: Wichita
Albany and Wolfcamp. Both have tested gas shows with some oil in
the pit. The Wolfcamp formation was drill stem tested (DST) and
showed twenty-eight feet of possible pay. The Wichita Albany
formation showed approximately eighteen feet of possible pay on the
mud log.
The third and primary target formation, the Ellenberger, is
currently being entered and will be drill stem tested at multiple
intervals over the next few days. The prospect is up dip of a well
that produced over 20,000 barrels of oil from the Ellenberger
formation.
Robert Miranda, Victory Energy's chairman and CEO, stated, "We
are very pleased with the quality of these initial results. The gas
shows alone could make this the best well that Victory Energy has
drilled to date. Now that we are entering the primary Ellenberger
target formation, we anticipate that our drilling rate will slow
down to allow for multiple DST tests of the formation. Current mud
log data from the top of the Ellenberger formation is
encouraging."
Victory holds a 5 percent working interest and a 3.75 percent
net revenue interest in this oil focused prospect.
About the Tunis Creek Prospect The company
acquired its interest in the prospect from well-known Midland,
Texas based V-F Petroleum Inc., who is also the operator of the
well. 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 targeted
horizons.
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. Production for the 1
University well through 1965 totaled over 20 thousand barrels of
oil and 1.65 million cubic feet of casinghead gas.
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.
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CONTACT: Robert J. Miranda Chairman and Chief Executive Officer
714.480.0305 Investor Relations 714.227.0391
Victory Oilfield Tech (CE) (USOTC:VYEY)
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