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Victory Energy Completes Acquisition of Natural Gas Options

Posted on: Tuesday, 30 October 2007, 09:01 CDT

Victory Energy Corporation (OTCBB: VYEY) announced today that the Corporation has completed the acquisition of the first option of the shallow gas wells located in the Adams Ranch part of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.

The Corporation is negotiating the final relationships to begin the drilling of the first gas well as soon as possible. These negotiations have been ongoing with the drilling contractor, to drill the wells and with the operator, who will oversee the producing wells. Both companies will represent Victory in Crockett County, Texas.

"We are extremely pleased to bring this opportunity to a close and begin our drilling program on the Adams-Baggett Ranch. The drilling contractor and the operator are both knowledgeable, and have proven track records with Canyon Sandstone formations. The success rate for commercially producing gas wells in this area is over 97%, this has given the Board the confidence needed to unanimously move forward," stated Jon Fullenkamp, President of Victory Energy Corporation.

The "Canyon Sandstone" gas wells located on this ranch are part of the large prolific Adams-Baggett Canyon Sandstone field. The Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet. Average production for these wells is approximately 250,000 cubic feet of gas per day per well.

Victory has a right of first refusal on five (5) additional options in this Canyon Sandstone field. Each well drilled in the field has an estimated proven undeveloped reserve of 500 Million cubic feet of gas per well, giving a total of approximately 2.5 Billion cubic feet of natural gas of proven undeveloped reserves for the Corporation.

About Victory Energy Corporation:

Victory Energy Corporation (http://www.victoryenergyoilandgas.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.

 For information, please contact: Corporate Communications Falcon Financial Partners, LLC 1.866.210.4671 Steve Demeo  

SOURCE: Victory Energy

Source: MARKET WIRE

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