SOURCE: Victory Energy Corporation

May 24, 2007 09:30 ET

Victory Carbon Solutions Expands Applications

LOS ANGELES, CA -- (MARKET WIRE) -- May 24, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today through the Corporation's wholly owned subsidiary, Victory Carbon Solutions Inc., it will expand the membership in the Chicago Climate Exchange (CCX) to include membership in the Chicago Climate Futures Exchange (CCFE).

The Chicago Climate Futures Exchange currently offers standardized and cleared futures contracts on Sulfur Dioxide and Nitrogen Oxide emission allowances. These are two additional greenhouse gases above those covered in the Chicago Climate Exchange. Membership in the Chicago Climate Futures Exchange provides the Corporation with additional areas to develop and fund "eco-friendly" projects. Commercial volume for these two emission allowance exchanges currently exceeds 11 million tons per year giving a market worth greater than 8 billion dollars per year.

"Membership in the Chicago Climate Futures Exchange provides a gateway for Victory Carbon Solutions Inc. to hedge positions in two additional pollutants, Sulfur Dioxide and Nitrogen Oxide, as mandated in the Acid Rain Program. The Corporation is committed to reducing emissions by six percent over an established baseline by the year 2010. It will do this by funding projects as established by the Kyoto Protocol specifically targeted to reduce greenhouse gases," 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.

Contact Information

  • Contact:

    Victory Energy Corporation
    Investor Relations
    MATRIX
    1-866-369-4167