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"In the last 14 months, Victory has successfully acquired and drilled eleven producing wells," said Jon Fullenkamp, President and CEO of Victory Energy Corporation. "This has provided the Company with a solid foundation for future growth and production expansion. We intend to complete two Canyon Sandstone wells this quarter and bring them into production. Wells in this same section have shown results as high as 400,000 cubic feet of gas per day."
The well in section 127 has been drilled to 10,000 feet in depth and is scheduled to be logged and tested in a formation of interest below 9,000 feet. The well drilled in section 154-6 is scheduled to be completed as a large horizontal lateral to take advantage of the 40-acre spacing.
About Victory Energy Corporation:
Victory Energy Corporation (www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company's filings may be accessed at the SEC's EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.
For information: Corporate Communications (714) 480-0305
SOURCE: Victory Energy Corporation
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