Thursday, August 11, 2011
Victory Energy Corp.
Victory, through its partnership with Aurora Energy Partners, announced that its Alwan West (#1 Goff Mineral Trust) prospect well was spud on August 2, 2011 and is currently drilling ahead at 5,097 feet.
Prior to reaching the proposed target depth of 7,100 feet, all three target sands (first Yegua, Frio and second Yegua) will be tested. All three sands are anticipated to be reached and tested in the coming days. These sands do not require a fracking procedure to be productive. Anticipated completion after a successful testing generally occurs in less than two weeks.
The lease area is surrounded on all sides by gas condensate production and a delivery pipeline is within 1,000 feet of the well.
Alwan West lies on strike between two Yegua fields, Lost Fork (one mile west) and AVO Grande (3,000 feet east). Lost Fork has produced over 42 BCF, while AVO Grande has produced 7 BCF of natural gas. Both of these fields are stratigraphic traps, as is the Alwan West prospect. This area produces from the Frio and Yegua (Oligocene) formations.
This prospect's potential reservoir covers an area of 175 acres and has a reserve potential of 8.5 billion cubic feet (BCF) of natural gas and 43.75 thousand barrels of gas condensate.
The reserve potential is based on 50 feet of reservoir sand, one million cubic feet per acre-foot of natural gas and five barrels per million cubic feet of gas condensate. These reserve estimates are for the first Yegua sand only, which is the primary objective, and do not include potential in the secondary objectives.
The Alwan West prospect is located in far western Wharton County, Texas, near the Jackson County line. Victory Energy acquired the prospect, which includes a 5 percent working interest (WI) and a 3.8 percent net revenue interest (NRI), from Miramar Petroleum, Inc. of Corpus Christi, Texas, who will be the operator and who also owns a significant working interest in the well.
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