Victory Energy, through its partnership with Aurora Energy Partners, reported that an additional 489 acre development unit (The New Hope Unit) has been acquired at its rapidly expanding Jones County oil and gas play. This additional development unit represents the third acquisition since the company announced its participation on February 22, 2011.

Robert Miranda, Victory Energy's chairman and interim CEO, stated, "We are very pleased with the quality of work and 3-D seismic supported locations that are being provided by the operator and we look forward to a continued expansion of the project. This unit and the two previously announced development units have provided the company with two successful oil and gas wells in less than forty-five days. We look forward to the continued success."

The New Hope unit holds a recently drilled test well that targeted the Swastika sand. This formation produced over 500,000 barrels of oil from the nearby Glenn Thomas Field. The New Hope #1 test well was drilled to target depth on March 14th and encountered 30' of highly porous Swastika sand. It's now believed that additional target sands are available, therefore, the company has begun a seismic data reprocessing project to aid in more precisely pinpointing additional drilling locations in all three units.

Tags: Victory Energy Corporation