SOURCE: Victory Energy Corporation

December 08, 2006 09:00 ET

Victory Energy Update on the Mesa Prospect

LOS ANGELES, CA -- (MARKET WIRE) -- December 8, 2006 -- Victory Energy Corporation (OTCBB: VYEY) announced today that the Mesa Prospect, in Roosevelt County, New Mexico, has reached a depth of 6600 feet and is now drilling in the Canyon Reef zone. Victory Energy has a 2.5 % working interest and is participating in the prospect in a Joint Venture with Eldorado Exploration.

The well will be drilled to approximately 7100 feet in depth to test potential Canyon Sands zones and the Montoya Dolomite zone. The results of the well will be announced after drilling has reached total target depth and all potential productive zones have been logged and tested.

The potential reef play was identified using Passive Induced Polarization (PIP) and passive reflection seismology in combination with supportive subsurface geology. "PIP" is used to detect electrostatic signals given off by some geological anomalies. When combined with existing geological tools and current methodologies, the "PIP" process enhances the odds for a successful discovery.

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

  • Contact:
    Victory Energy Corporation
    Investor Relations
    Lynne Folks
    (702) 989-9735