Victory Energy Corporation has commenced drilling on the initial well at its recently announced Chapman Ranch prospect located in Nueces County, Texas. The well was spud on June 8th and is currently at a depth of 1,062 feet. Target depth for this well is 8,200 feet and should be reached in approximately two weeks. If successful, a second well will follow.
This 3D seismic controlled prospect targets non-pressured Frio sands (Oligocene). Based on seismic data, evidence from existing nearby wells, and the Company's own internal analysis, Victory estimates that a successful well could contain 224,166 recoverable Barrels of Oil Equivalent (BOE). Initial flow rates of 153 BOPD to 245 BOPD are realistic expectations based on nearby wells.