Victory Energy Corporation (OTCBB:VYEY - News) announced today that the Mesa #1 well in New Mexico, which the Corporation is participating in with its partners, has discovered two shallow Permian Aged Gas Sands zones at 1340' - 1370' and from 1875' - 1940' for a total of 95' of pay. Both intervals exhibited good drilling rates and natural gas shows that increased while drilling, and were logged as natural gas bearing zones.
Production testing in the two zones will commence after the casing, set to 7000' to test the Granite Wash, has been recovered. The Granite Wash had non-commercial natural gas.
Victory Energy is participating with its partners in 11,300 net acres in New Mexico, on a structure that was identified as natural gas bearing. Additional natural gas wells will be drilled on 160 acre spacing, and when sufficient reserves are proven, a pipeline will be built by a third party.
"A great deal has been learned about the geology of this area. It is an advantageous area due to the lower cost of drilling shallow wells with the increasing prices of natural gas. This translates into greater revenue returns on our investments," stated Jon Fullenkamp, President of Victory Energy Corporation.
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.
Contact:
MATRIX for Victory Energy Corporation
Rob Smith, Investor Relations, 866-369-4167
Source: Victory Energy Corporation
Your Ads At Here
