Victory Energy Begins Drilling Tenth Well

Victory Energy Corporation (OTCBB: VYEY) announced today that drilling has started on the tenth well for the Corporation in its Canyon Sandstone gas play located in the Texas Permian Basin.

The drilling contractor moved the drilling rig onto the new location and began drilling Tuesday evening. Surface casing will be set and cemented into place at 1,040 feet to protect the shallow water table in the area. It is anticipated that this will occur by April 12. This tenth well will be recorded as well #166-12 in the records of Crockett County, Texas.

The date for the frac stimulation completion work for wells #166-8 and #166-3 has been moved up to April 11 from April 16. The plan is to frac stimulate both wells on the same day to capitalize on savings by having one stimulation crew complete both jobs. Once the frac stimulation work has been completed, a swabbing unit will be moved onto the well bore to recover the frac stimulation fluid from the well. This allows the well to kick off and flow on its own, bringing the natural gas to surface and to the production line.

“The drilling contractor for the Corporation has hit nine consecutive wells out of the nine wells they have drilled. This matches the historical information on the Canyon Sandstone gas field, and our expectations when we invested into the project,” stated Jon Fullenkamp, President of Victory Energy Corporation.

This well, and each Canyon Sandstone gas well in this field, will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.

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