Victory Energy Corporation, through its partnership with Aurora Energy Partners, has acquired an interest in a new oil and gas prospect located in Lea County, New Mexico. The Company acquired its interest in the Pinetop prospect from a well-known operator located in Midland, Texas. The Pinetop prospect is 3D seismic-supported.
Based on rig availability, the initial well is planned to spud in the next 60-90 days. It will be a vertical well, and is expected require very little stimulation to complete and move into production. The primary objective of the prospect is the Cisco/Seaman carbonate trend at a depth of approximately 11,700 feet. If the initial well is successful, there exists the potential for eight additional wells on the acreage.