Victory Energy Corporation, through its partnership with Aurora Energy Partners, reported that the Company has successfully completed the first of nine planned development wells at its recently announced 3D seismic-supported Pinetop prospect, located in Lea County, New Mexico.
The objective zone was drill stem tested with initial gross flow rates of over 400 barrels of oil per day and unmetered flow of 300 Mcf of natural gas per day. The well is now flowing oil to tanks at a rate of approximately 7,680 barrels of oil and 16,890 MCF of natural gas per month. Gas is currently being vented until a pipeline to sales connection is made. The Company expects the first well to be on production for at least three months before a decision is made to drill up to eight additional gross development wells on the held acreage.