Victory Energy Announces Successful Completion of Tunis Creek Well
2011年6月29日 - 11:00PM
Marketwired
Victory Energy Corporation (PINKSHEETS: VYEY), through its
partnership with Aurora Energy Partners, today announced the
successful completion of its Tunis Creek Oil and Gas Prospect in
Pecos County, Texas. The University "6" #1 Tunis Creek well was
spud on April 22, 2011 and was completed in the Ellenburger
formation on Friday, June 24, 2011.
Very preliminary testing of the Ellenburger formation indicates
that oil reserves could exceed earlier estimates. Pre-drilling
internal total prospect reserve estimates exceeded 500,000 barrels.
These preliminary flow tests on the University "6" #1 Tunis Creek
well were performed using its natural bottom-hole pressure and was
limited to the lower 20 percent of the Ellenburger formation in the
wellbore. Sustained flow tests to evaluate bottom-hole pressure and
to develop optimal flow rates for this well should occur over the
next thirty days. Storage tanks are scheduled to be installed this
week with oil sales to market occurring shortly thereafter.
Associated natural gas testing has not yet occurred. A natural gas
delivery pipeline is nearby.
Based on the positive results of this first well and the
previously identified multiple oil and gas pay zones above this
producing formation, the company will immediately begin evaluating
locations for a second well on the acreage. Several additional
development wells may be drilled if production warrants. Field
rules established by the State of Texas will determine the exact
number of wells.
Robert Miranda, Victory Energy's chairman and CEO, stated,
"These preliminary completion results are outstanding and offer the
first sizable validation of our ability to use our extensive
network of oil and gas contacts to deliver immediate value to our
shareholders. Wells of this quality and with reserves of this size
are not typically available to micro-cap companies like Victory
Energy. The additional development drilling opportunities available
on the Tunis acreage could afford us at least two additional years
of drilling at this location."
Victory Energy, through its partnership with Aurora Energy
Partners, 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 University "6" #1 Tunis Creek well 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.
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 well and was completed in 1960. The 1 University well
flowed 248 barrels of 43-degree oil per day from the Ellenburger
formation at 6,810-95 feet and 1.65 million cubic feet of
casinghead gas.
The prospect area 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, including a natural gas pipeline. The 1,600 acre lease
comprises two sections of block 20, University Lands survey.
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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