Victory Energy Evaluates Horizontal Drilling Technology for Gas Wellsadmin
Victory Energy Corporation (OTC BB:VYEY.OB) announced today it has engaged consultants, industry experts in horizontal drilling technology, for the Canyon Sandstone formation. The horizontal drilling evaluation is for the Corporation’s gas play in the Texas Permian Basin.
The consultants are optimistic that horizontal drilling can be successfully adopted for the Canyon Sandstone formation due to the similarities between this formation and other successful horizontal drilling projects. The benefits of horizontal drilling are significant and include an increase in gas recovery efficiency, lower development costs, and a reduction in drilling expenses.
A 5,000-foot deep Canyon Sandstone gas well will have a pay zone of approximately 200 feet. Adding a horizontal drill of approximately 2,000 feet will increase the production from that zone significantly.
“We will test horizontal drilling on the next Canyon Sandstone gas well we drill. Based upon the analysis provided by the consultants, horizontal drilling could take this gas play to the next level and far surpass our production expectations,” stated Jon Fullenkamp, President of Victory Energy Corporation.
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
Source: Victory Energy Corporation