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As the cost to drill a 10,000 foot well is fairly consistent in the Continental United States, and if we can increase the potential production from 200 barrels of oil per day to approximately 2,000 barrels of oil per day for the same drilling expense, it makes good business sense to participate in this opportunity and greatly increase the returns on our investment," stated Jon Fullenkamp, President of Victory Energy Corporation. The initial well, Lejuene Well #1, has recently been producing an average of approximately 100 barrels of oil per day. nbsp;County Regular Field has produced over 105 barrels of crude oil per day from 4 of its 5 leases, exceeding projections by 30 percent, and estimates that with the return of the Block Estate lease to production, the field will generate approximately 130 barrels of oil per day. |
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