Victory Energy Corp., a publicly traded, developmental state petroleum company, announced that it has committed to drill an additional 20 wells in its Canyon Sandstone Gas play located in the Texas Permian Basin.

As Victory has received a commitment for the monetary needs to drill 20 more wells, the Company’s Operator will begin construction of the next drilling site that should be ready-to-go by March 17th. The rig will be moved into place and drilling will begin once the next drilling site is completed.

Jon Fullenkamp, President of Victory Energy Corporation commented, “Victory is fully committed to the development of this gas field, based upon the economics of returns on the initial investments and the relatively high success rate of commercially viable gas wells from this low risk producing area.”

The depth of The Canyon Sandstone Gas formation is found at 4,300 to 4,900 feet. Initial production for these wells is about 250,000 cubic feet of gas per day per well. The success rate is over 97% for commercially producing gas wells in this area.

The first well that Victory Energy Corp. drilled and completed is flowing back stimulation fluid at a rate high enough to delay Fesco from conducting its single point test. The second drilling is anticipated to reach a total depth by March 14th. Victory Energy Corp. will provide these results as they become available.

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