SOURCE: Victory Energy

November 27, 2007 16:04 ET

Victory Energy Confirmation and Update

CARSON CITY, NV--(Marketwire - November 27, 2007) - Victory Energy Corporation (OTCBB: VYEY) announced today that the second phase of the acquisition is due to close on or about December 5, 2007, updating the terms of its recent announcement that the Corporation has acquired existing petroleum production.

The terms and conditions of this acquisition are guarded by a non-disclosure agreement (NDA) between Victory and the Selling Party. The NDA prevents the disclosure of specific names and locations of the acquisition, until the second phase of the transaction is completed.

Victory confirms that it has completed the first of the three-phase acquisition. Victory Energy Corporation will take effective control of the producing petroleum properties upon the completion of the second acquisition phase, to be on or before December 5, 2007. The company will begin receiving petroleum revenues during the first quarter of 2008. The value of reportable petroleum reserve assets to the Corporation, upon closing of the second phase of this acquisition, will be approximately $10,000,000.

"When the terms on the second phase of this transaction have been completed, the Corporation will provide full disclosure of this acquisition to our shareholders, " 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.

Contact Information

  • For information, please contact:
    Corporate Communications
    Falcon Financial Partners, LLC
    Steve Demeo