Project Profile
Value: Undislcosed
Location: Glasscock County, Texas, USA
Area: 640 acres
Start-up Year: -
Victory Energy Corporation acquired the prospect area from well known Midland Texas-based Unitex Oil and Gas, L.L.C, who will also be the operator for the prospect. Unitex plans to drill an initial vertical well to test the prospect targets, probably in the fourth quarter of 2012. 40 acre spacing provides adequate acreage for up to eight wells, if successful. The 320 acre play is located in Glasscock County, Texas. The acreage is surrounded by production and is prospective in several oil and gas shale zones.
The company will be modelling a drilling program on the vertical and horizontal wells in the area that have demonstrated ultimate recovery values ranging from 120,000 and 535,000 barrels of oil equivalent. Victory Energy paid US$480,000 for the acquisition of the acreage, which is covered by 2D seismic data and is surrounded by existing production from the target formations. The company, through its partnership with Aurora Energy Partners, holds a 75% working interest and a 56.25% net revenue interest.
Operators:
Unitex Oil and Gas: Operator with 25% interest
Victory Energy Corporation: 75% interest