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Victory Energy Corporation (OTCBB: VYEY) announces that, upon further geological analysis, it has been determined the 7,000-ft. zone of the Mesa well drilled in Roosevelt County, New Mexico, has a structure similar to producing zones in wells drilled in southern Roosevelt County, New Mexico.
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The initial output from wells producing in southern Roosevelt County from these zones has been reported at near four hundred barrels of oil per day. Its joint venture partners in the Mesa well inform the Corporation that a completion unit is expected to be on location within the next 45 days.
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The Corporation also reports that management teams from both Victory Energy Corporation and Coastal Petroleum are currently meeting in Dickinson, North Dakota for their initial planning session. The goal of this planning session is to continue the process of drafting the formal documentation and agreements recently announced under the Letter of Intent. Another objective during this meeting is to begin the process of site selection for the first drilling targets.
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Company President Mr. Jon Fullenkamp states, "The Corporation is increasingly encouraged with the Mesa well as additional information becomes available to the joint venture partners. With Coastal Petroleum we have the opportunity to review significant geological data compiled to determine the first potential drill sites which brings together some of the best minds in the business
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