Today before the
opening bell, Victory Energy announced the successful completion of its fourth
well on its Permian Basin Lightnin’ Prospect in Glasscock County, Texas. Known
as the Cotter 6 #2, the well was drilled and completed in March 2014. It averaged
daily gross flow rates of 121 barrels of oil equivalent during April 2014. That
is an increase of 41% in daily production from March 31, 2014, and a net 18
barrels of oil equivalent per day also since that date.
“This is the fourth
and most productive well that we have brought into production on this
prospect,” stated Kenny Hill, Victory’s CEO. “We completed and are producing
this stacked formation well in multiple pay zones including the Wolfberry
(Wolfcamp and Strawn Sand), Fusselman, and Cline. The well represents a very
good model for the type of wells we are pursuing in this part of the Permian
Basin. We are currently evaluating new much larger Permian prospects for
acquisition and development, that offer the same or better production and type
curves. Our recently announced $26.4 million bank credit facility will provide
the capital we need to expand our position and develop rapidly this year.”
Austin-based Victory
Energy is a burgeoning, independent oil and gas exploration and production
company. With technical and specialized resources in Midland, Texas, the
company is building shareholder value through strong organic growth and
strategic acquisitions of reserve properties that offer repeatable and highly
profitable results. Victory Energy has committed itself to acquiring properties
that offer return on revenue rates that are greater than 20% and/or a
break-even point below $65 per barrel oil price. Victory Energy’s leadership
team boasts of over 120 years of combined expertise in this space. In 2013, the
Permian Basin produced approximately 1.32 million barrels per day, and it is
slated to produce 1.8 million barrels per day in 2016.
For more
information, visit: www.vyey.com
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