SOURCE: Victory Energy Corporation

April 23, 2007 10:00 ET

Completion Rig for New Mexico Prospect

LOS ANGELES, CA -- (MARKET WIRE) -- April 23, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today that the completion rig anticipated earlier this month is to be delivered to the Mesa #1 this week, according to information provided to Victory Energy by its joint venture partners.

The completion rig will be testing 195 feet of porosity found in the Mesa #1; a 7000-foot deep Roosevelt County, New Mexico well drilled this past December. Drilling logs from the Mesa #1 found two zones of 90' and 80' of porosity and permeability each showing indications of gas and the expectation of gas with oil potential in the Granite Wash Zone at 7000' - 7025'.

The Mesa #1 is the first well in the Mesa play, which totals 11,300 acres under lease. The Mesa play is in the heart of a geological structure identified as a Pennsylvanian Carbonate Reef. This particular Reef could have possible reserves estimates of 1 trillion cubic feet of recoverable gas.

"Victory will also be able to participate in the next two prospects already identified in New Mexico, the two additional prospects total 26,000 acres and have estimates of reserves that are equal to that of the Mesa prospect," 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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