The Conversation (0)
Victory Energy Corp (OTCQB:VYEY) provided an update on drilling operations for key properties for Auraora Energy Partners, of which Victory owns a 50 percent interest.
Victory Energy Corp (OTCQB:VYEY) provided an update on drilling operations for key properties for Auraora Energy Partners, of which Victory owns a 50 percent interest.
As quoted in the press release:
Three new wells have been placed on production since the beginning of the year: Cotter #1 (Lightnin’), Morgan #1 and University 7 #1 (Bootleg Canyon). Since April 1, cumulative daily
production from these three wells has averaged a net 16 barrels of oil equivalent (BOE) per day (75% oil) to Aurora’s interest. The Company estimates total current net daily production to be 48.7
BOE per day, representing a 49% increase over the average daily production for 2012. Two additional wells on the Uno-Mas property, Hickory 14 State #1 and Milan 12 State #1 have been
successfully drilled and completed. These wells are currently being brought into production.
Kenny Hill, CEO of Victory Energy commented:
I’m pleased to announce that the Cotter #1 well has been in production since March 27th. Current flow rates support a rate of cashflow that is greater than the company produced in all of calendar year 2012. On this single property, there are at least seven additional well locations, each offering an estimated 128,000 gross barrels of oil equivalent (BOE), for an estimated total gross yield of 1,024,000 BOE (192,000 net).
The Company plans to drill two additional wells on this property in 2013. With the combination of higher working interest, the multi-pay stacked formation opportunities provided, low well costs and
the production type curve available, the Lightnin’ property is considered a model for all future acquisitions targeted in the prolific Permian basin of Texas and New Mexico. 2013 has started out as our most successful drilling and completion year to date.
Click here to view the full release.