Victory Energy has started drilling on the first well at its Chapman Ranch prospect, which is situated in Nueces County, Texas.
On June 8, the well was spud and is presently 1,062 ft in depth. The projected target depth for this well is 8,200 ft, which is likely to be completed in about two weeks. A second well will be drilled upon successful completion.
Non-pressured Frio sands are being targeted by three-dimensional seismic controlled prospect. Based on Victory Energy’s internal analysis, seismic information, and proof from adjacent wells, the company reckons that a flourishing well might include 224,166 recoverable BOE (Barrels of Oil Equivalent). Based on nearby wells, 153 BOPD to 245 BOPD flow rates are reasonable expectations.
Mohican Operating, LLC is a working interest partner in the well and is also the operator. Overall drilling and completion expenditures to Victory Energy’s interest are likely to be about $78,000 from the initial well. The company holds a 5% working interest in the prospect.
Victory Energy deals in the acquisition, exploration, development, and production of local oil and gas properties. The firm makes use of strategic industry relationships and internal competencies to gain working interest positions in oil and gas prospects. Present assets of the company include collaboration with Aurora Energy Partners, in which Victory Energy holds a 50% ownership interest.
For upcoming investments, Victory Energy will target on liquid or oil-rich gas projects. The firm’s present oil and gas assets are located in the US.
Source: http://www.vyey.com