Site preparation for the Armstrong NK #1 test well has already been commenced, and the prospect, which is held by a 240-acre lease, is scheduled to spud in the next 30 days.
The target sand is the McKittrick (Wilcox), with the Sparta being a secondary objective, the company said.
According to the company, the McKittrick Sand has high permeability and porosity, and can contain as much as 550 barrels of oil per acre foot of reservoir, giving the prospect location a maximum potential reserve of 1.5 million barrels of oil at a depth of 6,400ft.
Victory Energy COO Kenny Hill said this acquisition provides further geographic and geologic diversification, and fits with the company’s goal to have at least one wildcat well in the plan at all times.
