SOURCE: Victory Energy

January 07, 2008 16:30 ET

Victory Energy Completes Purchase of Existing Production

CARSON CITY, NV--(Marketwire - January 7, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that the Corporation has completed the purchase of existing production.

Victory Energy Corporation has taken control of these petroleum-producing properties and will continue expansion into this production field. The Corporation will begin to receive revenues from the production in February 2008 as petroleum revenues are collected for two months before they are actually delivered to the owners of the production.

The Corporation will now be able to place approximately $10,000,000 in value on its books for this production.

"This is the first major asset for the Corporation and a strategic step in the growth for long-term development of the Corporation as an energy producer while building 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.

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