Victory Energy Corporation is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. Their focus lies in evaluating profitable options, developing a strong foundation through leadership and commendable business acumen, and acquiring productive wells in the United States and Canada. Most of their efforts are geared towards projects in the oil and gas industry. Management believes that this industry will become an economically viable sector in which they can achieve great success with their business operations.
Their wholly owned subsidiary, Victory Carbon Solutions, Inc., was formed to participate in the greenhouse gas opportunities that are becoming more widely available in today’s energy markets. It is also a great way for Victory Energy Corporation to join in the carbon credits exchange currently offered as part of the Chicago Climate Exchange. Additionally, the company can further utilize the opportunity to establish a fund that is focused on investing in carbon credits, as well as financing eco-friendly projects.
Recently, the company announced that a drilling contractor has set surface casing on Victory’s twelfth well, a Canyon Sandstone gas well, and as of now is drilling at 3,050 feet. The well is located in the corporation’s Crockett County gas play in the Texas Permian Basin. An update was made on their eleventh well, a deep Strawn Limestone gas well, reported to be moving forward as scheduled. There was a concern in regards to having a rig that wasn’t capable of drilling in deeper wells, but the company moved a larger rig to the location that possesses the needed power to handle the additional drill string weight required for deeper wells.
Victory has been looking for a possible solution in the oil zone of their ninth well. Weatherford Engineering evaluated the problem and has recommended a stimulation treatment for the oil zone. Initially, a testing unit was moved to the location for a week to determine the economic potential of the zone. As the testing comes to completion and the results are looked over, a decision will be made on whether the stimulation treatment is the most ideal solution.
“A key indicator of the corporation’s long-term success and rapid growth is the ability to determine drilling sites and have, at its disposal, the equipment and resources to capitalize on the opportunities. To date, we are meeting our drilling and production targets,” stated Jon Fullenkamp, president of Victory Energy Corporation.
The company has also made public their intention to increase available drilling capacity through the purchase of a drilling rig for their in-field gas development project in the Texas Permian Basin. They have been seeking to acquire a rig capable of drilling to 12,000 feet, which would allow in-field drilling of the Ellenburger Dolomite gas zone found around 11,500 feet.
“Additional drilling capacity added to this project is directly on target with the corporation’s goals to increase production capacity and capitalize on the increased sales price of the natural gas,” added Fullenkamp.
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