Victory Energy Corporation is an oil and gas company in the business of resource property acquisition and exploitation. It focuses primarily on energy properties in the United States and Canada.
In an announcement made this morning, Victory stated its intent to begin drilling on the first of three deep Strawn Limestone gas wells this Friday, May 16. The Strawn formation is located in the Texas Permian basin, an area in West Texas known to be rich in oil and gas deposits. At an approximate depth of 9500 feet, wells in the Strawn Limestone have yielded daily production levels ranging between 1.5 to 2.5 million cubic feet of natural gas.
Victory has fully funded the drilling of this and two other wells in the area, completing a crucial portion of the company’s strategic growth plan. Company officials expect all three wells to be drilled and completed by September.
President Jon Fullenkamp stated, “We are anticipating a Strawn Limestone well to produce approximately 6 to 10 times the daily natural gas volume as our Canyon Sandstone gas wells. This deep well will be twice as expensive to drill and carry a higher risk for success. However, we feel the rewards are significantly greater than the risk.”
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