The latest of a string of updates from Victor Energy Corporation was released today giving shareholders some details on the first completed well in Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas. The press release announced excellent early completion results. The work-over unit crew reports the well has excellent backside pressure of 500 PSI and productive tubing pressure of 300 PSI after preliminary swabs were pulled from the well. The tubing pressure buildup overnight provides strong indications the well is commercially productive in the average range of Canyon Sandstone gas wells whose initial production is 250,000 cubic feet of gas per day.
Victory Energy has been increasing its presence in the Adams Baggett Canyon fields since it initiated shallow gas drilling in January of 2008. The company is working with their drilling contractor to acquire additional drilling equipment which will increase capacity above the current level of two wells per month. President of Victory Energy Corporation, Jon Fullenkamp, said: “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.”
VYEY 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 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. With Crude Oil trading at over $98 per barrel the company is well positioned and should find its ventures in the oil and gas industry very lucrative.
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