SOURCE: Victory Energy Corporation

November 10, 2006 09:00 ET

Victory Energy Announcement

LOS ANGELES, CA -- (MARKET WIRE) -- November 10, 2006 -- Victory Energy Corporation (OTCBB: VTYE) -- The Board of Directors announced today that the Company will effect a 25:1 reverse split of its common stock.

The new CUSIP number for the common stock is: 92643X206.

The new stock symbol for the common stock is: VYEY.

The effective date of the reverse split is at the open of business November 10, 2006.

All fractional shares shall be rounded up to the nearest whole share.

All shares must be tendered to the transfer agent in physical format for exchange by the transfer agent into new consolidated shares of the company.

Interwest Transfer Company Inc.
1981 East Murray Holladay Rd.
P.O. Box 17136
Salt Lake City, Utah 84117
Phone: 801-272-9294
Fax:   801-277-3134
"The intent and purpose of this restructuring is to allow the company to facilitate its financing plans, which will enable the development of the existing oil and gas properties the Corporation currently has underway, thus benefiting long term shareholders," states Jon Fullenkamp, Chief Executive Officer of Victory Energy Corporation. "Additionally, the Corporation can aggressively position itself to close other properties currently in negotiations, the most promising being a large prospect located in the West Texas Palo Duro Basin."

About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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
    (949) 348-0213