Victory Energy Corporation announced today that the permitting process for the first Lodgepole well has started.
The first Lodgepole well has been identified in Section 16, T36N-R36E. This is the initial drilling project that Victory Energy Corporation and its partner Coastal Petroleum Company will begin with in Valley County, Montana.
The permit for this well has been filed and an application for special exception is being filed today. The exception is required because the location is less than 660 feet from the boundary of the acreage held under this lease. By meeting the March 15, 2007 deadline, Victory's permit request will be heard by the Montana Board of Oil and Gas Conservation on April 12, 2007 in Billings, Montana.
"Victory will attend and present the evidence to obtain the approval of the Montana Board. This process has been completed successfully many times as the reason for the exception is simple and straightforward. With the Montana Board's approval, the first well could be ready to drill by May 1, 2007," stated Jon Fullenkamp, President of Victory Energy Corporation.
Potential indications are that estimated recoverable hydrocarbons from a good Lodgepole well can be approximately 4,000,000 barrels of oil and 2 billion cubic feet of gas. The 138,000 acres in Valley County, Montana could have over 500 Lodgepole Prospects, with approximately 100 Prospects currently high-graded through Geochemical evaluation. The main target for drilling is the Lodgepole Reef zone, with additional testing of the Bakken zone as well as the Nisku and Red River zones. Total depth anticipated to be drilled in this first Lodgepole test is 5,600 feet.
About Victory Energy Corporation: Victory Energy Corporation (http://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.
Victory Energy Corporation
Investor Relations
MATRIX
1-866 369 4167
http://www.victoryenergyoilandgas.com
Source: Victory Energy Corporation
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