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Victory Energy Reports Field Update on Gas Wells

Posted on: Monday, 25 February 2008, 09:01 CST

Victory Energy Corporation (OTCBB: VYEY) announced today the second gas well the Corporation is drilling in the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas has reached a depth of 4016 feet.

The drilling contractor reports that the drilling effort is proceeding normally and in a similar fashion as the most recent gas well the Corporation drilled. The contractor estimates the drilling rig should reach total depth on or before March 3rd.

The work-over unit on Victory's first completed well reports the swabbing unit was pulled off the well Sunday as the well started flowing gas to surface on its own. They also report that the well has a tubing pressure 25% higher than the average Canyon Sandstone gas well. An increased volume of gas production should result from this higher tubing pressure.

"This gas field is a tremendous opportunity and we will continue to ramp up our drilling activity. This is a strategic step in the growth and long-term development of shareholder value," stated Jon Fullenkamp, President of Victory Energy 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  1-702-989-9735  

SOURCE: Victory Energy Corporation

Source: MARKET WIRE

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