This is my first post and I think VTYC will do great please read following
LOS ANGELES, CA--(MARKET WIRE)--Apr 24, 2006 -- Victory Capital Holdings Corporation (OTC BB:VTYC.OB - News) announced today it has successfully negotiated the Company's participation in the next five (5) wells to be drilled in the Skedee Prospect in Pawnee County, Oklahoma, with TD Energy, LLC of Tulsa Oklahoma.
These additional wells will target the same production zones as the initial package in the Skedee Prospect with a focus on vertical drilling as the evaluation on the gas zones in the prospect prove to be more economical than producing the zones from a single horizontal entry.
"As we get further into this business relationship I am impressed with the operators, TD Energy, and their standing in the oilfield community, TD Energy has drilling contractors who are willing to commit a drilling rig with 30 to 45 days notice due to their status as an operator. What this means for Victory is the opportunity to start drilling rather quickly once the final location preparations have been made," stated Jon Fullenkamp, CEO of Victory Capital Holdings.
Victory's initial participation in this project is for five (5) wells to be drilled for evaluation of production in the Wilcox, Arbuckle, Woodford Shale, Prue, and Dawson zones. Victory has a taken a 45% interest in this up coming drilling activity. Offset production initially shows new gas wells reaching 2 million cubic feet of gas production per day with a steady rate of 800 cubic feet of gas per day stabilized after de-watering of the zone which completes between four to six months after initial production. Regional aspects of the Cherokee Basin show wells drilled 20 years ago still producing economic amounts.
TD Energy, LLC is an independent oil and gas producer in Okfuskee and Pawnee Counties Oklahoma. TD Energy was instrumental in discovering certain Prue, Gilcrease, Red Fork and Penn Unconformity zones in Okfuskee, County. These fields have proven to be highly successful for TD Energy. Victory Capital is looking forward to a long and prosperous business partnership with TD Energy.
About Victory Capital Holdings Corp.: Victory Capital Holdings Corporation (http://www.vtyc.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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