Victory Energy Corporation (OTC BB:VYEY.OB-News) announced today that they will be increasing their efforts and presence into the Adams-Baggett Canyon Sandstone gas field located in Crockett County, Texas. The company is currently working on acquiring additional drilling rigs to support an increase in the drilling capacity beyond the two active wells per month. Negotiations and terms are being discussed with drilling rig manufacturers regarding lead times for the delivery of the new equipment.
“Based on the results we are receiving from the initial well drilled and the progress made on the well currently being drilled, we are committing significant resources to intensify this field’s development. This will facilitate multiple wells to be drilled concurrently to establish a higher rate of production,” stated Jon Fullenkamp, President of Victory Energy Corporation.
The corporation has secured the options on five shallow gas wells located in the Adams-Baggett Ranch. The Adams-Baggett Canyon Sandstone gas field is located in the Permian Basin part of the 6th largest known oil and gas reserves in the world. Found at the depths of 4,300 feet to 4,900 feet, the Canyon Sandstone formation is considered to be undeveloped reserve containing 500 million cubic feet of gas per well, totaling out at approximately 2.5 billion cubic feet of natural gas.
Victory Energy Corporation is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. Their 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 business expenditures in the Oil and Gas Industry.
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