Jul 28, 2008 8:00:00 AM
CARSON CITY, NV -- (MARKET WIRE) -- 07/28/08 -- Victory Energy Corporation (OTCBB: VYEY) announced today drilling progress on the two deep Strawn Limestone gas wells. The wells are located in the Corporation's Crockett County gas play in the Texas Permian Basin.
Victory's drilling contractor reports the two Strawn Limestone gas wells are at 7,700 and 7,000 feet in depth. Both wells had a good show of gas as they were drilled through the Canyon Sandstone formation at approximately 5,000 feet.
The shallow oil test proved not to be commercial. That zone was subsequently cemented off and the natural gas well will be completed in the Canyon Sandstone formation as originally planned. The stimulation frac job on this well and on the latest Canyon Sandstone well will be completed by mid August.
All of Victory's other Canyon Sandstone gas wells are producing in accordance with historical information for this field according to Victory's contractor responsible for monitoring production on a daily basis.
"Results should be available within the next few weeks on both deep Strawn Limestone gas wells. As both wells have great commercial potential within Canyon Sandstone formation, the risk of drilling to deeper formations is greatly reduced," stated Jon Fullenkamp, President of Victory Energy Corporation.