SOURCE: Victory Capital

April 12, 2006 09:00 ET

Victory Starts Drilling Permit Process for Glasgow Prospect

LOS ANGELES, CA -- (MARKET WIRE) -- April 12, 2006 -- Victory Capital Holdings Corporation (OTC BB: VTYC) announced today it has engaged Heitzman Drill-Site Services to begin the drilling permit process in compliance with the State of Montana for the Glasgow Prospect.

The permit application is for a well to be located in the SW1/4 NE1/4 of Section 36, Township 30 North, Range 40 East in Valley County, Montana. In addition to the permit process the well site will be staked, a survey plat will be created along with a small-scale access map, topographic access map, well location layout and cross-sectional diagrams. The permit will be for a well proposed to 6500 feet. Additionally, the type and condition of the proposed access road will be addressed in the permitting process with the State of Montana, as the access road will cross both State and private land.

"Victory selected Heitzman Drill-Site Services because of their vast experience working with the State of Montana, land owners and contractors and more specifically because of their ability to establish drilling locations in Montana. When we back out all of the drilling, completion, production costs and factor in an industry standard for recovery, with production prices for crude oil today Victory has a potential of a $30,000,000 asset into the Company with this prospect," stated Jon Fullenkamp, CEO Victory Capital Holdings Corporation.

About Victory Capital Holdings Corp: Victory Capital Holdings Corporation (http://www.vtyc.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.

Contact Information

  • Contact:
    Victory Capital Holdings Corporation
    Investor Relations
    Lynne Folks
    (949) 348-0213
    Email Contact