Victory Energy Corporation is a developmental stage petroleum company primarily dedicated to energy-related opportunities. The focus is the acquisition and development of oil and gas properties in the United States and Canada. The company’s 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 and gas industry. Crude oil continues trading near $100 per barrel and natural gas may be the hottest trading commodity at this time. The company is well positioned for success in the oil and gas industry.
The corporation has already secured options on five shallow gas wells located in the Adams-Baggett Ranch located in Crockett County, Texas. The Adams-Baggett Canyon Sandstone gas field is located in the Permian Basin, the sixth largest known oil and gas reserve in the world. These wells have been established very quickly since the company initiated shallow gas drilling in January of 2008.
There are several other projects and prospective projects on the board. Management has recently negotiated the mineral rights on a prospect for Victory in the Palo Duro Basin located in Briscoe County, Texas. Victory has established a letter of intent which sets out the substantive terms of a formal agreement that Victory intends to complete and execute. The company has also looked at a property in southern Valley County, Montana, for potential hydrocarbon deposits.
The latest updates from Victory Energy Corporation have been released to give shareholders some details on the tenth completed well in Canyon Sandstone gas field in the Texas Permian Basin. The press releases announced excellent early completion results. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day. That data translates that each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life.
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