Victory Energy Corp. issued an update for investors on recent exploration and development activity on the company’s properties in the United States. The company is involved with a number of projects in Texas and Oklahoma.
Victory Energy has an interest in a 1,600 acre prospect at the Tunis Creek Field in Pecos County, Texas. The first well at the property was recently completed and is producing oil and natural gas from the Ellenberger formation. The company estimates that recoverable reserves at the well exceed 500,000 barrels of oil.
Victory Energy has an interest in an oil and gas property in Jones County, Texas. The company reported that a fifth well was recently spud on its acreage, and plans to start a sixth well here shortly.
Victory Energy estimates that the company’s acreage in Jones County can support the drilling of two wells per month, and recoverable reserves will range between 20,000 and 45,000 barrels of oil per well.
Victory Energy owns a 2% working interest in a water flood oil project located in Hughes County, Oklahoma. The property contains 31 wells on 1,200 net acres and the company hopes to recover as much as one million additional barrels of oil at the property.
For more information on the company, go to www.vyey.com