Victory Energy Provides Market Update for Jones County Project
2011年5月27日 - 3:54AM
Marketwired
Victory Energy Corporation (PINKSHEETS: VYEY), through its
partnership with Aurora Energy Partners, today announced the
resumption of drilling at its Jones County oil and gas project.
Drilling on the Jones County project had been suspended for
several weeks to further analyze and reprocess the 3-D seismic data
the company had acquired for the site. The resumption of the
drilling program is scheduled to begin next week with the spud (a
well is considered "spud" when the drill bit hits the ground) of
the White #2 well. Two additional wells located within the play
area will follow immediately.
Victory Energy's current acreage at the Jones County project
holds two producing wells, the Young #1 and the White #1. Oil and
gas production from these wells is from the Caddo formation.
Robert Miranda, Victory Energy's chairman and CEO, stated, "We
are encouraged by the reprocessed 3-D seismic data now available
and the improved guidance it provides for our ongoing drilling
effort at the Jones County project. Being able to identify low risk
prospects and develop them quickly is an important component of our
business model."
About the Jones County Oil Trend
Victory Energy's working interest in the Jones County oil and
gas trend was announced on February 22, 2011 as part of a large
multi-well, multi-year drilling program with C.O. Energy, LLC. The
prospective development area covers Jones County, Texas, and is
supported by 82 square miles (52,480 acres) of 3-D seismic data.
Victory Energy maintains a thirty-day first right of refusal to
participate in each well.
The agreement provides a working interest of no less than 1.5
percent and up to 2.5 percent for each acreage block acquired. The
operator, C.O. Energy, envisions drilling one to three wells per
month until the targeted area is fully developed.
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
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