September 2, 2008
Victory Energy Reports on Wells
Victory Energy Corporation (OTCBB: VYEY) announced today drilling has progressed into the deep Strawn Limestone formation to approximately 11,500 feet on deep well 154-6. This well is one of two deep Strawn Limestone wells located in the Corporation's Crockett County gas play in the Texas Permian Basin.
Victory's drilling contractor reports that well 154-6 has a very strong showing of natural gas at this level, exceeding expectations. Drilling will continue to approximately 12,000 total depth or when reaching the bottom of the Strawn formation.
The second deep well, V-127, has reached a depth of 10,000. Drilling will continue when the rig from 154-6 is moved onto this well to complete drilling through the Strawn Limestone formation.
"We are moving slowly and cautiously through the Strawn Limestone formation to ensure steady progress consistent with good drilling practices," commented Jon Fullenkamp, President of Victory Energy Corporation.
Of Victory's remaining wells, eight gas wells are producing in accordance with historical information for this field. Two additional Canyon Sandstone wells have been stimulated and are in the process of flowing back the stimulation fluid prior to production. The most recent is Canyon Sandstone well in the initial drilling stages. All wells are located within the Texas Permian Basin.
Victory Energy Corporation (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.
Contact: For information contact: Investor Relations 1-702-989-9735
SOURCE: Victory Energy Corporation