By OGJ editors
HOUSTON, Jan. 5 – Victory Energy Corp., Newport Beach, Calif., took an option to acquire an oil and gas lease in a 1,000-acre tract at South Padre Island, Tex.
The 1-year option gives the company access for evaluation and geophysical testing. Padre Island field, on the island in Cameron County 15 miles north of Port Isabel, yielded 3.8 bcf of gas through 1980 from Miocene sands at 6,000-6,500 ft. Three wells were making 14 MMcf/month when shut-in in 2002.
One well could be recompleted at 6,000 ft. Another could be put on pump to flow gas up the backside of casing. In addition, logs and cores indicate an unproduced 4-ft gas sand on water at 1,712 ft. A formation test of this sand had immediate pressure of 465 psi.
An intact pipeline is available to ship gas to shore facilities. Compression could be added to further recover gas. Victory Energy will have 100% working interest and 75% net revenue interest.