Victory Energy Announces Start Of Permitting of Second Lodgepole Well
LOS ANGELES, CA -- Victory Energy Corporation (OTCBB: VYEY) announced today that it is working with Coastal Petroleum to start the permitting process for the second Lodgepole well.
The second Lodgepole well has been identified in Section 7, T36N-R37E, Federal Lands in Valley County, Montana. Victory will also apply for an exception as this well is just north of the southern boundary of Section 7 so that part of Section 18 will also be included. This well would proceed with a notice of staking with the US Bureau of Land Management, a site inspection, a archeological survey and application for permit to drill.
Potential indications are that estimated recoverable hydrocarbons from a good Lodgepole well can be approximately 4,000,000 barrels of oil and 2 billion cubic feet of gas. The 138,000 acres in Valley County, Montana could have over 500 Lodgepole Prospects, with approximately 100 Prospects currently high-graded through Geochemical evaluation. The main target for drilling is the Lodgepole Reef zone, with additional testing of the Bakken zone as well as the Nisku and Red River zones. Total depth anticipated to be drilled in this Lodgepole test is 5,600 feet.
“By moving forward and having an archeological surveyor conduct the required preparation for the permitting process, we should have this second well permitted by the end of summer,” stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation: Victory Energy Corporation (http://www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.
Certain statements contained herein are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company’s filings may be accessed at the SEC’s EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.
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