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Victory Energy Corporation: Update on New Mexico Prospect
Tuesday , July 18, 2006 06:00 ET
LOS ANGELES, CA -- (MARKET WIRE) -- 07/18/06 -- Victory Energy Corporation (OTCBB: VTYE) has announced that it expects to have a drilling rig on site at its Mesa gas prospect in Roosevelt County, New Mexico within sixty days. Applications for drilling permits and other work requirements are underway.
The Mesa gas prospect is situated on an identified Passive Induced Polarization (PIP) Pennsylvanian Carbonate Reef that covers more than 25,000 acres. Victory Energy and its partners have 11,000 plus acres under lease over the heart of the geological structure. Reserves from the site could yield over 1 trillion cubic feet of recoverable gas, which at today's price of $6 per thousand cubic feet would equate to $6 billion.
"The development of the Mesa gas prospect represents the next building block in Victory Energy's business development strategy," said Jon Fullenkamp, Chief Executive Officer of Victory Energy. "Our production expenses are expected to be in low single digits for this project, which could result in a potential yield of up to $100 million for Victory Energy. We view the Mesa gas project as a very significant prospect within the Victory Energy portfolio."
About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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.
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