The SRV prospect, located in Starr-Lite field, 1/2 mile east of Eagle Lake, Colorado County, Texas, was acquired by Victory through its partnership with Aurora Energy Partners.
Victory Energy CEO Kenny Hill said this lease is Victory Energy Corporation’s first internally generated 3-D prospect.
"We have selected a known operator in the area that has extensive experience re-entering old well-bores," Hill added.
"Additional prospect opportunities outside of this AMI have been identified and are being developed by Victory."
The company holds a 50% working interest in the prospect which is a re-entry of a previously producing well named the Emma Hoyo No. 1 which was shut-in in 1965.
Wilcox A-3 is the target reservoir for the re-entry and the top of the A-3 is at 9,545 feet in the Hoyo #1, the highest penetration of the five wells that have been drilled into that reservoir.
The volumetric calculations indicate that the reservoir has pressure of 1,913 psia or approximately 60% of original pressure and the company is estimating hydrocarbon recovery at 75,396 barrels of oil equivalent for this prospect.
The re-entry of the well has been scheduled in the fourth quarter of 2012.
