Victory Executes Offer to Purchase With Thunder Oil & Gas
By Market Wire Last Update: 1/24/2006 9:30:02 AM Data provided by
LOS ANGELES, CA, Jan 24, 2006 (MARKET WIRE via COMTEX) -- Victory Capital Holdings Corporation (VTYC) announced today that it has signed an Offer to Purchase the Yellowstone Prospect from Thunder Oil & Gas, LLC, an Oklahoma based oil and gas producer. The closing of the transaction is subject to customary due diligence and other closing conditions, and is expected to take place on or before June 1, 2006.
The Yellowstone Prospect produces from the Mississippi Lime, Dolomite, and Oswego Lime formations. The area consists of approximately 4,300 gross acres located in Northwest Oklahoma and Southern Kansas in Woods County, Oklahoma and Barber County, Kansas. There are 25 producing wells with the majority of the production in natural gas. On-going development is occurring at this time. Originally, the Prospect was drilled on 640 acre spacing, and is now being drilled on 160 acre spacing. Currently there are approximately four additional infill drill locations. The possibility exists to increase the well density to 80 acre spacing.
Harry Spring of Thunder Oil & Gas commented, "These properties, which represent a portion of our core holdings, have produced significant volumes of natural gas in the past and shall continue to do so in the future. The properties have proven long term reserves and further development by infill drilling and remedial workovers will only enhance the opportunity for even greater future production and revenues."
"After researching many of the opportunities available to Victory I am very pleased we were able to come to an agreement with Thunder Oil & Gas to purchase their interest in the Yellowstone Prospect. This offers Victory excellent, stable production revenues as this production area and production zones have been historically recognized for the ability to provide long term steady production. In addition, there is room for expansion with more wells to be drilled as well as remedial work which can be done on the existing production zones to increase volumes," said Jon Fullenkamp, CEO of Victory Capital Holdings Corp.
About Victory Capital Holdings Corp: Victory Capital Holdings Corporation (http://www.vtyc.com) is a publicly traded company primarily dedicated to energy related opportunities in the energy sector. 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.
SOURCE: Victory Capital Holdings
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By Market Wire Last Update: 2/1/2006 1:05:33 PM Data provided by
LOS ANGELES, CA, Feb 01, 2006 (MARKET WIRE via COMTEX) -- Victory Capital Holdings Corporation (VTYC) announced today that it has reached an agreement for the purchase of the Northeast Glasgow Prospect, Williston Basin Valley County, Montana. The Prospect consists of approximately 2000 acres. The closing of the transaction is subject to customary due diligence and other closing conditions, and is expected to take place within seven business days.
Geologist William Clark, having over 45 years experience in prospect development, developed the Northeast Glasgow Prospect. Documentation and surveys support the presence of a wrench fault in the Prospect. Wrench zones create intense fracturing in brittle rocks. This increases porosity and permeability, and the Geologist anticipates that we will find this true in the Glasgow Prospect.
"With enhanced porosity and permeability that nearby oil shows, and seismic data confirming structure, we believe the Glasgow Prospect is a high quality exploration project with an estimated potential of up to 5,000,000 barrels from multiple zones," stated Jon Fullenkamp, Victory Capital Holdings Corporation CEO.
About Victory Capital Holdings Corp: Victory Capital Holdings Corporation (http://www.vtyc.com) is a publicly traded 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.
SOURCE: Victory Capital Holdings Corporation
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