Monday, July 25, 2011
Victory Energy Corp.
Victory Energy, through its partnership with Aurora Energy Partners, announced that its Tx. Jones County, Nassau #1 well has reached target depth of 5,325 feet and is now entering completion.
Mudlog and multiple drillstem tests (DSTs) indicate the presence of two oil and gas pay zones exceeding fifty feet in thickness with several others measuring between ten and twenty feet in thickness. A seventy-foot (gross) oil and gas Pennsylvanian age formation will be the focal point of this initial completion. The targeted formation is expected to produce both oil and gas.
With a successful completion, the well will be production tested to determine rate, gas-to-oil ratio and pressure. An assessment of the type and size of production facilities will be determined by testing. Due to the high gas cut encountered during drilling, a gas delivery line is already being assessed.
This multiple pay zone discovery offers the opportunity for additional development and drilling on held acreage. The company, through its partnership with Aurora Energy Partners, holds a working interest of no less than 1.5 percent and up to 2.5 percent for each acreage block acquired.
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