Texas based Victory Energy, an independent oil and gas company, is known for its producing wells in western Texas and southeast New Mexico, but one of its most interesting projects is the company's Chapman Ranch operation just south of Corpus Christi on the Texas Gulf Coast. That's because of the site's uncovered potential.
It was April 2012 when Victory acquired a revenue interest in the 320 gross acre Chapman Ranch Property. After a first test well was drilled with mixed results, but multiple detected pay zones, a detailed analysis and 3D seismic were undertaken, and a second test well formation has been selected. The estimated EUR (Estimated Ultimate Recovery) of the site is now over 400,000 BOE (barrels of oil equivalent) - major potential.
Chandler Ranch Highlights:
•Two Frio sand test wells are planned for this property
•The next drilling location has been selected and a well is scheduled for December 2013
•3D seismic controlled
•Oil and Gas Focused
•Well life extends past 7 years
•Target formations are non-pressured Frio sands (Oligocene)
•Estimated EUR is over 400,000 BOE
•Located in Nueces County, Texas approximately 12 miles south of Corpus Christi
Victory Energy recently announced that it expects to double in size for the 2013 fiscal year, and do so again very quickly with currently held west Texas properties. Although still a young company, undiscounted proved reserves are expected to exceed $6.6 million for the 2013 reporting period, delivering a significant impact on current and future revenue.
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