Targeted Strategies for Today's Evolving Markets

MissionIR Blog

Victory Energy Corp. (VYEY) Announces New Drilling Rig Delivery to Crockett County, Texas

Victory Energy Corporation, a publicly traded, developmental stage petroleum company, announced that the new drilling rig has been successfully transported to the Company’s drilling contractor for productive activity in the corporation’s Canyon Sandstone Gas field located in Crockett County, Texas. The rig will be completely tested and assembled with the essential auxiliary equipment by March 11th, 2008 and the rig will be ready for the next well drill that the Company has targeted.

Victory’s goal is to evaluate profitable options, acquire producing wells, and develop solid foundation through leadership and sound business acumen, as well as other potentially profitable prospects within the Oil and Gas Industry.

To conform to Victory’s quarterly reports, the Company will register its petroleum holdings in the State of Texas. In each proceeding well drill, Victory has a 15% Carried Interest of 74% Net Revenue Interest. The Company’s interest will increase to 25% Carried Interest of 74% Revenue Interest upon payback of the very beginning drilling investment costs of each well. Victory has secured a financial facility with Institutional investors furnishing drilling funds to Victory for the further development of the Canyon Sandstone Gas field. Investors are allowed direct participation in the production of the completed wells on a case-by-case basis.

Jon Fullenkamp, President of Victory Energy Corporation commented, “Victory will now have the option to have multiple wells being drilled and completed at the same time, this will increase the momentum the Corporation has already established in Crockett County, Texas.”

Let us hear your thoughts below:

This entry was posted in Small Cap News. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *