Victory Energy, through its partnership with Aurora Energy, will participate in the Atwood oil project located in Hughes County, Oklahoma, US.
The Atwood project encompasses about 1,200 acres with 31 wells at 3,200ft in depth and these wells have produced over 500 thousand barrels of oil.
A geologic study has indicated that an additional 500 thousand barrels of oil, a 1-to-1 ratio of recovered to recoverable oil, is probable.
The study also indicates that oil recovery at a higher ratio of 5-to-8 is possible, the company said.
At these ranges of recovery rates, the project has an estimated recovery range of 500 thousand barrels of oil to 800 thousand barrels of oil.
The company said it will utilize a secondary waterflood oil recovery procedure that has been proven in this geographic area.
The primary target of the waterflood is the upper and middle Booch sand and several of the existing wells will be converted to water injection wells for the initiation of a waterflood.
The Oklahoma Corporation Commission has approved the waterflood program, which is anticipated to begin in the next 90 days.