Victory Energy Corporation announced today that the drilling of its first shallow gas well has reached a depth of 4,000 feet. The well is located in the Adams Ranch area of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
Jon Fullenkamp, President of Victory Energy Corporation, stated, “The drilling rig should reach a total depth over this weekend and allow the evaluation of our target, the Canyon Sandstone gas zone. Offset production is extremely positive in the area we are drilling. This is a strategic step in the growth and long term development of shareholder value.”
The Canyon Sandstone gas zone is also located on the Adams Ranch area. Sitting below the ground between 4,300 feet and 4,900 feet, the initial production for these wells is approximately 250,000 cubic feet of gas per day per well. The success rate for commercially producing gas wells in the area is an astonishing 97%.
Already in place is a financial facility with institutional investors providing drilling funds to the company for further development of the Adams Ranch properties. This will allow investors to have direct participation in the production of the completed wells.
Victory Energy Corporation 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.
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