Victory Production Revenue Update
Posted on: Monday, 6 October 2008, 09:00 CDT
Victory Energy Corporation (OTCBB: VYEY) announced today receipt of the sixth revenue payment from natural gas sales related to wells producing in Victory's Canyon Sandstone gas play located in the Texas Permian Basin.
Victory posted revenue of more than $91,000 pre-distribution, which represents sales of natural gas production for a one-month period. This revenue is as a result of gas production from the Corporation's Canyon Sandstone formation gas wells in the revenue cycle.
"Production is expected to increase as additional wells are drilled, completed, and brought online. We also expect gas prices to rebound and increase the value received for natural gas to increase revenues," stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
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: Corporate Communications 1-702-989-9735
SOURCE: Victory Energy Corporation
Source: MARKET WIRE
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