SOURCE: Victory

November 15, 2006 09:00 ET

Victory Energy Mesa Prospect Update

LOS ANGELES, CA -- (MARKET WIRE) -- November 15, 2006 -- Victory Energy Corporation (OTCBB: VYEY) Surface casing will be set today on the well currently drilling on the Mesa Prospect in New Mexico. Victory Energy has a 2.5 % working interest and is participating in the prospect in a Joint Venture with Eldorado Exploration.

Drilling report update from the operator looking after the Mesa Prospect informs Victory that surface casing was set early Tuesday afternoon. Once the cement is in place for the surface casing it requires an 8-hour cure time for the cement before drilling can re-start. The drilling rig should begin making hole again sometime Wednesday morning.

Purpose of the surface casing is to protect any shallow zones from commingling with any of the fluids used in the drilling process, additionally surface casing eliminates loss of circulation in any of the shallow zones that might be present.

This Mesa prospect will drill to approximately 7,200 feet to test a potential Canyon Reef gas zone at a depth of 6,000 feet and a Montoya Dolomite zone at 7,200 feet that may contain both oil and gas.

The potential reef gas play was found using Passive Induced Polarization (PIP) and passive reflection seismology in combination with supportive subsurface geology. The Mesa prospect is currently 11,300 leased acres with a potential to recover 1 trillion cubic feet of gas (TCF).

About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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 Information

  • Contact:
    Victory Energy Corporation
    Investor Relations
    Lynne Folks
    (949) 348-0213