Victory Energy Corporation (OTCBB:VYEY) announced today it will move forward with horizontal drilling on its next gas well in Victory’s Canyon Sandstone Gas play located in the Texas Permian Basin.
The consultants Victory engaged to evaluate horizontal drilling in the Canyon Sandstone formation have made a strong recommendation to move ahead with this process. Horizontal drilling will increase the overall volume recovered and shorten the recovery time of the natural gas.
Victory’s drilling contractor will first drill vertically through the Canyon Sandstone formation. Logs will then be run across the formation to determine the ideal location to drill horizontally. It is anticipated each horizontal five hundred feet will require approximately four additional days of drilling.
“The consultants are extremely positive regarding the impact horizontal drilling should have on the total volume of natural gas recovered from each well. Comparative information where horizontal drilling was utilized on similar gas formations is very encouraging,” 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.
Contacts:
Jay Penney, 702-989-9735
