SOURCE: Victory Energy

January 24, 2008 09:00 ET

Victory Energy Update on Shallow Gas Drilling Program

CARSON CITY, NV--(Marketwire - January 24, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that the drilling of its first shallow gas well has reached a depth of 4000 feet. This well is located in the Adams Ranch section of the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas.

"The drilling rig should reach total depth over this weekend and allow the evaluation of our target, the Canyon Sandstone gas zone. Offset production is extremely positive in the area we are drilling. This is a strategic step in the growth and long term development of shareholder value," stated Jon Fullenkamp, President of Victory Energy Corporation.

The Company has established a financial facility with institutional investors providing drilling funds to the company for the further development of the Adams ranch properties. This facility provides for direct participation by the investors in the production of the completed wells.

The "Canyon Sandstone" gas zone located on this ranch is part of the large prolific Adams-Baggett Canyon Sandstone gas field. The Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet. Initial production for these wells is approximately 250,000 cubic feet of gas per day per well. The success rate for commercially producing gas wells in this area is over 97%.

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.

Contact Information

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