SOURCE: Victory Energy Corporation

June 30, 2008 08:00 ET

Victory Energy Acquires Additional Oil & Gas Lease

CARSON CITY, NV--(Marketwire - June 30, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it has acquired an additional oil and gas lease consisting of 640 acres. This acreage is contiguous to and expands the Corporation's current gas play in the Texas Permian Basin.

The acreage contains 60 potential drill sites consisting of Ellenburger Dolomite, Strawn Limestone, Canyon Sandstone, and Wolfcamp formations. This allows for stacking behind the pipe reserves to be produced at a later time. Behind-pipe reserves are reserves that are expected to be recovered from zones in existing wells. This may require additional completion work or future recompletion prior to the start of production from an existing well bore.

"Acquiring this oil and gas lease saves the Corporation $100,000 in drill site fees per well, totaling $6 million over the 60 wells. We will continue to expand our holdings in this gas play, as it is the cornerstone for revenues of the Corporation," stated Jon Fullenkamp, President of Victory Energy Corporation.

About Victory Energy Corporation:

Victory Energy Corporation ( 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 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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