Victory Energy Corporation announced in its world wide press release today that the Corporation has satisfactorily completed the on-site due diligence of the five (5) options on the shallow gas wells located in the Adams Ranch, Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.
Victory Energy Corporation announced in its world wide press release today that the Corporation's advisory team spent several days this past week performing an on-site inspection of the natural gas field located on the Adams Ranch approximately 25 miles south of Ozona, Texas. This was the last stage in the due diligence process. The team conducted an evaluation of existing natural gas producing wells and an inspection of the contiguous locations currently under natural gas options to the Corporation.
"This last step in the due-diligence process verifies the potential of the opportunity offered to Victory. The Corporation can now progress to close on the options and begin drilling later this year," stated Jon Fullenkamp, President of Victory Energy Corporation.
Victory Energy Corporation announced in its world wide press release today that the "Canyon Sandstone" gas wells located on this ranch are part of the large prolific Adams-Baggett Canyon Sandstone field. Victory Energy Corporation announced in its world wide press release today that the Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet.
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